On January1st, 2021, ABC Hotel purchased a new fitness centre equipment for $120,000. The company expects to utilize the equipment for the next 20 years and estimate that it will have a residual value of $20,000. ABC uses the straight-line method to account for depreciation. What is the adjusting entry required on December 31st, 2021, the year-end date, to record any yearly accrued expenses on the factory? Select one: a. Debit Depreciation expense $5,000; Credit Accumulated Depreciation $5,000 b. Debit Depreciation expense $6,000; Credit Property