1. Record depreciation expense on the equipment for year 7 by the straight-line method. 2. What is accumulated depreciation at the end of year 7? Assume that Global Positioning Systems paid $70,000 for equipment with a 14-year life and zero expected residual value. After using the equipment for six years, the company determines that the asset will remain useful for only four more years. Read the requirements. Requirement 1. Record depreciation expense on the equipment for year 7 by the straight-line method. First, select the formula to calculate the company's revised depreciation expense on the equipment for year 7. Then enter the amounts and calculate the depreciation for year 7. (Enter "O" for items with a zero value.) / Revised useful life remaining Book value 40.000 Residual value 0 = = Revised depreciation $ 10,000 ( $ - $ Date Record the depreciation on the equipment for year 7. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Debit Credit Depreciation Expense-Equipment 10,000 Accumulated DepreciationEquipment 10,000 To record depreciation on equipment. Requirement 2. What is accumulated depreciation at the end of year 7? The accumulated depreciation at the end of year 7 is $