On July 1, 2019, Cullumber Company purchased new equipment for $ 85,000. 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 Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts 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 $ Account Titles and Explanation Debit Credit Depreciation Expense 14600 14600 Accumulated Depreciation Equipment eTextbook and Media List of Accounts Your answer is correct. Compute the revised annual depreciation on December 31, 2022, Revised annual depreciation $ 4350