The balance in the equipment account before adjustment on December 31, 2007 is $60,000 and the balance of accumulated depreciation on December 31, 2007 is $24,000. The adjustment amount for depreciation for the year is $12,000. What account should be credited in the journal (2) and for what amount to record the adjusting entry to record this depreciation based on this information? JOURNAL Page 25 date description p.ref. debit CREDIT Adjusting Entries 12/31 (1) ? (2) O Equipment $12.000 Depreciation Expense $36.000 Accumulated Depreciation $12.000 Depreciation Expense $12.000