The amount should be $1,000 since one month of rent has expired. Question 7 0.1 pts The company purchases equipment for $60,000 on August 1, 2016. The equipment will be useful for 10 years. The company records an adjusting entry for depreciation at the end of each year. On December 31. 2016 (the adjusting entry); The debit should be: The credit should be: The amount should be: (DO NOT ENTER A DOLLAR SIGN IN YOUR ANSWER. For example: ENTER 200 not $200)