Prepare the required adjusting journal entry at December $31,2022,$ the end of the annual accounting period for the items

below. Assume that no adjusting entries have been made during the year.

C$.$ On January $1,2022,$ Polk Company acquired a used dump truck that cost $$6,600$ to use hauling gravel. The company estimated a

residual value of $10\%$ of cost and a useful life $4$ years. The company uses straight$-$line depreciation.

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

$1$

Record the depreciation expense under straight$-$line method, for the dump

truck purchased on January $1,2022$ for $$6,600$ with an estimated residual

value of $10\%$ on cost and a useful life of $4$ years.

Note: Enter debits before credits.