aining Time: 2 hours, 09 minutes, 11 seconds. estion Completion Status: Moving to another question will save this response. R Question 7 of uestion 7 7 points Save A Explain the year-end adjustment required on 30 June 2020 for the following situation. In your explanation, make sure you clearly articulate why the adjustment is needed and the amount for which the adjustment should be made. Ensure you identify the accounts that should be debited and credited to record the adjustment. Equipment was purchased for $76,000 on 1 April. 2020 and is yet to be depreciated. The Directors have determined this equipment will last for five years from date of acquisition and at the end of its useful life have a residual value of $6,000. They have determined that they will depreciate this equipment using the straight-line method of depreciation. For the toolbar, press ALT+F10 (PC] or ALT . FN. F10 (Mac) IUS Paragraph V Arial V 14 px O WORDS POWERED BY TINY Type here to search O D ENG 10:34 AM 2020.71-17 Es A PrtScr Insert Home End Delete in IN F10 F11 F12 d N LA + m HY A CO Backspace Tab O Caps Lock LL I Y