The estimated amount of depreciation on equipment for the current year is $41,700. a. How is the adjustment recorded? Indicate each...

The estimated amount of depreciation on equipment for the current year is $41,700.

• a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.
• b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?