Chapter 15, Problem 21P

How can I solve this financial accounting problem using the appropriate financial process?

A business purchased machinery for $210,000 on January 1, 2023. The machinery will be depreciated over the seven years of its estimated useful life using the straight-line depreciation method. The business records depreciation once a year on December 31. Which of the following is the adjusting entry required to record depreciation on the machinery for the year 2023? (Assume the residual value of the acquired machinery to be zero.) A) Debit $210,000 to Machinery, and credit $180,000 to Cash. B) Debit $30,000 to Depreciation Expense-Machinery, and credit $30,000 to Accumulated Depreciation-Machinery. C) Debit $210,000 to Depreciation Expense-Machinery, and credit $180,000 to Accumulated Depreciation-Machinery. D) Debit $30,000 to Depreciation Expense, and credit $30,000 to Machinery.

I need help with question is correct answer and accounting