Equipment was acquired on January 1, 2019, at a cost of $90,000. The equipment was originally estimated to have a residual value of $5,000 and an estimated life of 10 years. Depreciation was recorded using the straight-line method. On December 31, 2021 the estimated residual value was revised to $10,000 and the useful life was revised to a total of 5 years remaining from this point on. A What is the depreciation expense in the first year? What is the adjusting entry on December 31st, 2021? 1600 IN GENERAL ANSA 246422522 HARGA 25-30 MIATTORENAU Choose... Choose... O O

Equipment was acquired on January 1,2019 , at a cost of $90,000. The equipment was originally estimated to have a residual value of $5,000 and an estimated life of 10 years. Depreciation was recorded using the straight-line method. On December 31, 2021 the estimated residual value was revised to $10,000 and the useful life was revised to a total of 5 years remaining from this point on. What is the depreciation expense in the first year? What is the adjusting entry on December 31st, 2021