On July $12022,$ Blossom Company purchased new equipment for $$64,000,$ Its estimated useful life was $7$ years with a $$8,000$ salvage value. On January $1,2025,$ the company estimated that the equipment's remaining useful life was $10$ years, with a revised salvage value of $$4,000,($a$)$ Prepare the journal entry to record depreciation on December $31,2022($List debit entry before credit entry. Credit account titles are automatically indented when amount is enteredDo not indent manually. If no entry is required, select No Entryfor the account titles and enter for the amounts.$)$ Account Titles and Explanation Debit Credit