The company has only one fixed asset (equipment) that it purchased at the start of this year. That asset had cost $52,000, had an estimated life of 7 years, and is expected to be valued at $10,000 at the end of the 7 years. 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