An asset that cost $50,000 was purchased on January 1. The asset has an estimated useful life of three years and an estimated salvage value of $3,200. Prepare the necessary adjusting journal entry for the end of the year. Solution Date Particulars Debit $ Credit $ 31/12/2015 Depreciation 15600 Allowance for doubtful accounts 15600 (To record depreciation for the year).