Step 1: Determine what the current account balance equals. Step 2:Determine what the current account balance should equal. Step 3. Record the December 31 adjusting entry to get from step 1 to step 2 Assume no other adjusting entries are made during the year a. The Krug Company's Accumulated Depreciation account has a $17,000 balance to start the year. A review of schedules reveals that $18,800 of depreciation expense must be recorded for the year Accumulated de Step 1. Determine what the current account balance equals Step 2 Determine what the current account balance should equal Step 3. Record the December 31 adjusting entry to get from step 1 to step 2 The company has only one fixed asset (truck) that it purchased at the start of this year. That asset had cost $51,0 estimated life of 5 years, and is expected to have zero value at the end of the 5 years ch ip