Current Attempt in Progress Pharoah Corporation purchased equipment for $62,100 on January 1, 2021. It was depreciated based on a seven-year life and an $12,050 residual value. On January 1, 2023, Pharoah revised these estimates to a total useful life of four years and a residual value of $10,300. Prepare Pharoah's entry to record 2023 depreciation expense. Assume that Pharoah follows IFRS and uses straight-line depreciation. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit