At the end of its fırst year, the trial balance of Pharoah Company shows Equipment $22,800 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year...

Extracted text: At the end of its fırst year, the trial balance of Pharoah Company shows Equipment $22,800 and zero balances in Accumulated Depreciation-Equipment and Depreciation Expense. Depreciation for the year is estimated to be $3,000. (a1) Prepare the annual adjusting entry for depreciation at December 31. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31