On December 31, 2023, after recording annual depreciation, Pharoah reviewed its equipment for possible impairment. Pharoah determined that the equipment has a recoverable amount of $251,600. It is not known if the recoverable amount will increase or decrease in the future. (a) Prepare journal entries to record the purchase of the asset on July 1, 2022, and to record depreciation expense on December 31, 2022, and December 31, 2023. (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. List debit entry before credit entry. Record journal entries in the order presented in the problem.) Date Account Titles Debit Credi

decrease in the future. (a) Prepare journal entries to record the purchase of the asset on July 1,2022, and to record depreciation expense on December 31 , 2022, and December 31, 2023. (Credit account titles are eutomatically indented when the amount is entered. Do not indent manually, If no entry is required, select "No Entry" for the account titles ond enter O for the amounts. Ust debit entry before credit entry. Record joumal entries in the order presented in the problem. Current Attempt in Progress. Pharoah Company has a December 31 year end and uses straight-line depreciation for all property, plant, and equipment. On July 1 , 2022 , the compary purchased equipment for $510,000. The equipment had an expected useful life of 10 years and no residual value. The company uses the nearest month method for partial vear depreciation On December 31, 2023, after recordins annual depreclation, Pharoah reviewed its equigment for possible impairment. Pharoah determined that the equipment has a recoverable amount of $251,000 it is not known if the recoversble amount will increase or decrease in the future (a) Your anwor h correct Prepare foumal entries to record the purchase of the asset on July 1.2022. and to record depreciation expeme on December 31 . no entry is required, selest "No Entry" for the account vides and enter O for the amounts List debit entry before ondit entry Record pourned entries in the order presented in the problem)