The company has only one fixed asset (truck) that it purchased at the start of this year. That asset had cost $54,000, had estimated life of 5 years, and is expected to have zero value at the end of the 5 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