Assume that Global Positioning Systems paid $50,000 for equipment with a 10-year life and zero expected residual value. After using the equipment for four years, the company determines that the asset will remain useful for only three more years. Read the requirements Requirement 1. Record depreciation expense on the equipment for year 5 by the straight-line method. First, select the formula to calculate the comparty's revised depreciation expense on the equipment for year 5. Then enter the amounts and calculate the depreciation for year 5. (Enter "O" for items with a zero value.) Revised - depreciation Record the depreciation on the equipment for year 5. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation DebitCr Credit Requirement 2. What is accumulated depreciation at the end of year 5