Muscat Company purchased equipment for OMR 5,000 on December 1. It is estimated that annual depreciation on the equipment will be OMR 960. If financial statements are to be prepared on December 31, the company should make the following adjusting entry: Select one: O a. Debit Depreciation Expense, OMR 4,040; Credit Accumulated Depreciation-Equipment, OMR 4,040 O b. Debit Equipment, OMR 5,000; Credit Accumulated Depreciation-Equipment, OMR 5,000 O c. Debit Depreciation Expense, OMR 960; Credit Accumulated Depreciation Equipment, OMR 960. O d. Debit Depreciation Expense, OMR 80; Credit Accumulated Depreciation Equipment, OMR 80. O e. None of the answers are correct