Equipment was acquired on January 1, 2017, at a cost of $75,000. The equipment was originally estimated to have a salvage value of $5, 000 and an estimated life of 10 years. Depreciation has been recorded through December 31, 2020, using the double-declining balance method. On January 1, 2021, the estimated salvage value was revised to $7, 000 and the useful life was revised to a total of 8 years.

Calculate book value at the time of revision

Pass the journal entry for the depreciation in 2021