Swifty Company purchases equipment for $7200 on November 1, 2020. It is estimated that annual depreciation on the equipment will be $1290. Assuming adjusting entries are onlyprepared at year-end, the company should make the following adjusting entry:

Debit Depreciation Expense, $1290; Credit Accumulated Depreciation, $1290.

Debit Depreciation Expense, $215; Credit Accumulated Depreciation, $215.

Debit Accumulated Depreciation, $215; Credit Depreciation Expense, $215.

Debit Depreciation Expense, $645; Credit Equipment, $645

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