For each separate case below, follow the three-step process for adjusting the Accumulated Depreciation account at December 31 . Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. Assume no other adjusting entries are made during the year. b. Accumulated Depreciation: The company has onlv one plant asset (truck) that it purchased at the start of this vear. That c. Accumulated Depreciation: The company has only one plant asset (equipment) that it purchased at the start of this year. That asset had cost $50,000, had an estimated life of seven years, and is expected to be valued at $9,400 at the end of the seven years. The company uses stralght line depreciation method to calculate its depreciation. \begin{tabular}{|l|l|l|} \hline Step 1: Determine what the current account balance equals. & Accumulated depreciation \\ \hline Step 2: Determine what the current account balance should equal. & & \\ \hline \end{tabular}