CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 4 Incomplete answer Points out of 6.00 Flag question Adjusting Entry for Depreciation Cowley Company just completed its first year of operations. The December 31 equipment account has a balance of $20,000. There is no balance in the Accumulated Depreciation- Equipment account or in the Depreciation Expense account. The accountant estimates the yearly equipment depreciation to be $4,000. Prepare the required adjusting entry to record the yearly depreciation for equipment. General Journal Description Debit Credit Ple Accumulated depreciation-equipment Next page Cash Sav Depreciation expense