i dont understand how i got this wrong. can you explain how to do it correctly?
On July 1, 2019. Cullumber Company purchased new equipment for $80,000. Its estimated useful life was 5 years with a $8,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000. Your answer is correct Prepare the journal entry to record depreciation on December 31, 2019. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense 7200 Accumulated Depreciation Equipment 7200 Prepare the journal entry to record depreciation on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense 14.400 Accumulated Depreciation Equipment 14.400 eTextbook and Media List of Accounts X Your answer is incorrect Compute the revised annual depreciation on December 31, 2022 Revised annual depreciation S 5200 Prepare the journal entry to record depreciation on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense 5200 Accumulated Depreciation-Equipment 5200 eTextbook and Media List of Accounts * Your answer is incorrect. Compute the balance in Accumulated Depreciation-Equipment for this equipment after depreciation expense has been recorded on December 31, 2022 Accumulated Depreciation-Equipment $ 41,200 On July 1, 2019, Cullumber Company purchased new equipment for $80,000. Its estimated useful life was 5 years with a $8,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years with a revised salvage value of $5,000