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For each separate case below, follow the three step process for adjusting the Accumulated Depreciation account at December 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 1to step 2 Assume no other adjusting entiles are made during the year a. The Krug Company's Accumulated Depreciation account has a $15,000 balance to start the year. A review of depreciation schedules reveals that $16,400 of depreciation expense must be recorded for the year. Accumulated depreciation Stop 1 Determine what the current account balance equals Credit Stop 2 Determine what the current account balance should equal Credit Step 3. Record the December 31 adjusting entry to get from step 1 to step 2 Depreciation expense Accumulated depreciation b. The company has only one fixed asset (truck) that it purchased at the start of this year. That asset had cost $47.000, had an estimated life of 5 years, and is expected to have zero value at the end of the 5 years. Accumulated depreciation -Truck 0 Step 1 Determine what the current account balance equals Step 2 Determine what the current account balance should equal Credit Stop 3. Record the December 31 adjusting entry to get from step 1 to step 2 Depreciation expense--Truck Accumulated depreciation-Truck c. The company has only one fixed asset (equipment) that it purchased at the start of this year. That asset had cost $38,000, had an estimated life of 7 years, and is expected to be valued at $5,800 at the end of the 7 years. Accumulated depreciation --Equipment Step 1 Determine what the current account balance equals ces Credit 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 Depreciation expense-Equipment Accumulated depreciation Equipment