On July 1, 2019, Blossom Company purchased new equipment for $70,000. 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. X 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 $ 12400 eTextbook and Media Your answer is incorrect. Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation $ 3100 e Textbook and Media List of Accounts Your answer is partially correct. 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 22500 Accumulated Depreciation-Equipment 22500