M5: CNECT - Connect Assignment 5 Saved Help Save & Exit Submit Check my work 7 a. Accumulated Depreciation: The Krug Company's Accumulated Depreciation account has a $22,500 balance to start the year. A review of depreciation schedules reveals that $25,400 of depreciation expense must be recorded for the year. 12.5 Accumulated depreciation points Step 1: Determine what the current account balance equals. Credit eBook Step 2: Determine what the current account balance should equal. Credit Hint References Step 3: Record the December 31 adjusting entry to get from step 1 to step 2. b. Accumulated Depreciation: The company has only one plant asset (truck) that it purchased at the start of this year. That asset had cost $62,000, had an estimated life of five years, and is expected to have zero value at the end of the five years. The company uses straight line depreciation method to calculate its depreciation. Accumulated depreciation -Truck Step 1: Determine what the current account balance equals. Step 2: Determine what the current account balance should equal. Mc Graw Hill