Determine the account and amount to be debited and the account and amount to be credited for the following adjustment. Equipment purchased for $63,000 on January 3, 2019, has an estimated life of 5 years and an estimated salvage value of $5,600. The firm uses the straight-line method of depreciation. Determine the adjustment for the month ended January 31, 2019. (Round your answers to 2 decimal places.) Record adjusting entry for depreciation.
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