Concord Corporation purchased equipment costing $$134,400$ on January $1,2021.$ At that time the useful life of the equipment was estimated to be $12$ years and the residual value was estimated to be $$7,440.$ Depreciation up to December $31,2022$ has been recorded using the straight$-$line method and the company operates on a calendar year basis. On January $1,2023,$ the estimated useful life was revised to a total of $10$ years and the residual value was revised to $$8,288.$ Prepare the journal entry to record the depreciation expense for $2023.($Credit account titles are automatically indented when the amount entered. Do not indent manually. If no entry is required, select No Entryfor the account titles and enter for the amountsList debit entry before credit entryRound answers to decimal places$5,275.)$