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 b. Accumulated Depreciation: The company has only one plant asset (truck) that it purchased at the start of this year. That asset had cost $57,000, 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