depreciation on equipment is calculated using the straight line method. The equipment has a salvage life of $8000 and a useful life of 10 years. The company has only equipment for the entire year

Raymond's Redwood Tree Trimming Company Unadjusted Trial Balance December 31, 2021 Cash Accounts receivable. Supplies Prepaid insurance Equipment Accumulated depreciation: equipment Accounts payable Unearned revenue Note payable Capital stock Retained earnings. 1/1/21 Service revenue Salary expense Telephone expense Utilities expense $37,300 4,500 900 7,800 73,500 8.400 300 200 $19.400 5.700 3,800 20,000 45.000 6.400 32,600 Total $132.900 $132.900 Prepare the adjusting entry for the following: Depreciation on equipment is calculated using the straight-line method. The equipment has a salvage value of $8,000 and a useful life of 10 years. The company has owned the equipment for the entire year. Debit Credit