Question Sheridan Company purchased equipment for $7190 on December 1. It is estimated that annual depreciation on the equipment will be $1560. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: A.Debit Depreciation Expense, $5630; Credit Accumulated Depreciation, $5630. B.Debit Equipment, $7190; Credit Accumulated Depreciation, $7190. C.Debit Depreciation Expense, $1560; Credit Accumulated Depreciation, $1560. D.Debit Depreciation Expense, $130; Credit Accumulated Depreciation, $130. need typed