On January 1, A Company purchased an oven for $2,000. The oven was expected to last five years and has no salvage value. The adjusting entry made on December 31, to record the depreciation of the oven for one year is:
a. Dr Depreciation expense 400 Cr Accumulated depreciation 400
b. Dr Depreciation expense 400 Cr Equipment 400
c. Dr Accumulated depreciation 400 Cr Depreciation expense 400
d. Dr Depreciation expense 500 Cr Accumulated depreciation 500
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