Yakima Co. purchased equipment on May 1, 2020 for $7,704. The company expects to use the equipment for 6 years. It has no salvage value. What adjusting yournal entry should the company make at the end of each month if monthly financials are prepared (annual depreciation is $1,2847? (Credit account ties are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "Ne Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit . LINK TO TEXT What is the book value of the equipment at May 31, 2020? Book value of the equipment On January 1, 2020, Bottle Rockets Corp. purchased a general ability insurance policy for $9,000 to provide coverage for the calendar year. If the company recorded the policy as an asset when purchased, what is the monthly adjusting journal entry that should be recorded at January 31, 20207 (Credit account bitles are automatically Indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Tities and Explanation Debit Credit