On fuly,1.2019, Blossom Company purchased newr cquloment for $75,000, tts estimated useful life was 5 years with $12,000 satwage value On December 31,2002 , the comeany ectitatitd that the equipment's remaining uselul life was 10 years, with a revised salvage value of 35,000 . (a) Your answer is correct. seiect "No Entry' for the account titles and enter O for the amounts) Your answeris correct. Prepare the journal entry to record depreciation on Docember 31, 2020 GCredit account titles are automaticolly indested when amount is entered Do not indent manualik if no entry ir raquinht. select "No Entry" for the aceount titles and enter O for the amounts) eTextbook and Media Assiotance used Solution Assigtance Used Dec. 31.2020)=(($575,000$12,000)+5)$12,600 Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation $ 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 Ofor the amounts) eTextbook and Media List of Accounts Compute the balance in Accumulated Depreciation-Equipment for this equipment after depreciation expense has been recorded on December 31, 2022