Vaughn Company purchased equipment for $7380 on December 1, 2022. It is estimated that annual depreciation on the equipment will be $1920. If financial statements are to be prepared on December 31, 2022 the company should make the following adjusting entry: Debit Depreciation Expense, $1920; Credit Accumulated Depreciation, $1920. Debit Depreciation Expense, $160; Credit Accumulated Depreciation, $160. Debit Depreciation Expense, $5460; Credit Accumulated Depreciation, $5460. O Debit Equipment, $7380; Credit Accumulated Depreciation, $7380.