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, 2019. (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 Accumulated Depreciation Equipment 6300 6300 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. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts) Account Titles and Explanation Debit Credit Depreciation Expense Accumulated Depreciation Equipment 12600 12600 Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation $