On July 1, 2019, Blossom Company purchased new equipment for $75,000. Its estimated useful life was 5 years with a $12,000 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. 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. W no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit