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 journal entry should the company make at the end of each month if monthly financials are prepared (annual depreciation is $1,284)?

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 journal entry should the company make at the end of each month if monthly financials are prepared (annual depreciation is $1,284)? (Credit account titles 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 o 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 $