10. BillCo. purchased a piece of equipment for $225,000 cash on August 1, 2021. The equipment is estimated to last 10 years with a salvage value of $15,000. Prepare the journal entry to record the purchase of the equipment on March 1st as well as the journal entry to record the depreciation on the equipment on December 31, 2021 using the straight-line depreciation method. August 1, 2021 Journal Entry December 31, 2021 Journal Entry 11. Wash Inc. purchased a piece of equipment on January 1, 2021 for $375,000 cash. The estimated useful life is 4 years and Wash Inc. estimates it can sell the equipment for $25,000 at the end of its useful life. After recording the first two years of depreciation, Wash Inc. revised its estimates of the useful life and the salvage value. The new useful life is a total of 7 years (3 years more than originally anticipated) and the new estimate of salvage value is $15,000. What amount of depreciation expense should be recorded for year 3