View Policies Current Attempt in Progress On August 1, the Hwang Corp. purchased a photocopy machine for $8,000. The estimated annual depreciation on the machine amounts to $1,680. If the company's year-end is December 31 and adjusting entries have not previously been made, the appropriate adjusting journal entry to be made on December 31 would be to Odebit Depreciation Expense $700; credit Equipment $700. O debit Depreciation Expense $140: credit Accumulated Depreciation $140. debit Depreciation Expense $1,680; credit Accumulated Depreciation $1.680. O debit Depreciation Expense $700; credit Accumulated Depreciation $700