View Policies Current Attempt in Progress Cheyenne Corp. purchased equipment for $13200 on December 1. It is estimated that annual depreciation on the computer will be $2640. If financial statements are to be prepared on December 31, the company should make the following adjusting entry debit Depreciation Expense, 5220;credit Accumulated Depreciation $220. debit Depreciation Expense, 52640;credit Accumulated Depreciation, $2640 debit Depreciation Expense, 510560, credit Accumulated Depreciation, $10560 debit Equipment, $13200, credit Accumulated Depreciation, $13200