The Krug Company's Accumulated Depreciation account has a $22,500 balance to start the year. A review of depreciation schedules reveals that $25,400 of depreciation expense must be recorded for the year. Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Accumulated depreciation Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. look Hint Print b. The company has only one fixed asset (truck) that it purchased at the start of this year. That asset had cost $62,000, had an estimated life of 5 years, and is expected to have zero value at the end of the 5 years. references Step 1: Determine what the current account balance equals Step 2: Determine what the current account balance should equal MC Gram HI Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Accumulated depreciation -Truck + The company has only one fixed asset (equipment) that it purchased at the start of this year. That asset had cost $68,000, had an estimated life of 7 years, and is expected to be valued at $14,800 at the end of the 7 years. Accumulated depreciation -Equipment < Prev 3 of 10 Next >