Thornton Corporation manufactures model airplanes. The company purchased for $155,000 automated production equipment that can make the model parts. The equipment has a $19,000 salvage value and a 8-year useful life. Required a. Assuming that the equipment was purchased on January 1, record In T-accounts the adjusting entry that the company would make on December 31 to record depreciation on equipment. Accumulated Depreciation Debit Credit Manufacturing Overhead Debit Credit Depreciation Expense Debit Credit