On January 1,Imlay Company Purchases Manufacturing Equipment Costing $95,000 That

On January 1,Imlay Company purchases manufacturing equipment costing $95,000 that is expected to have a five-year life and an estimated salvage value of $5,000.Imlay uses the straight-line depreciation method to allocate costs,and only prepares adjustments at year-end.The adjusting entry needed on December 31 of the first year is:

A) Debit Depreciation Expense,$9,000; credit Accumulated Depreciation,$9,000.
B) Debit Depreciation Expense,$18,000; credit Accumulated Depreciation,$18,000.
C) Debit Depreciation Expense,$90,000; credit Accumulated Depreciation,$90,000.
D) Debit Depreciation Expense,$18,000; credit Equipment,$18,000.
E) Debit Depreciation Expense,$9,000; credit Equipment,$9,000.