On July 1, 2019, Cullumber Company purchased new equipment for $90,000. Its estimated useful life was 6 years with a $12,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 100 years, with a revised salvage value of $5,000. Your answer is correct. 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 o for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense 6500 6500 Accumulated Depreciation-Equipment SHOW LIST OF ACCOUNTS LINK TO TEXT Your answer is correct. 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 0 for the amounts.) Debit Account Titles and Explanation Credit Depreciation Expense 13000 13000 Accumulated Depreciation-Equipment SHOW LIST OF ACCOUNTS LINK TO XT X Your answer is incorrect. Try again. Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation Your answer is partially correct. Try again Prepare the journal entry to record depreciation on December 31, 2022. (Credit account titles are automatically indented when amount is entered. amounts.) Account Titles and Explanation Debit Credit Depreciation Expense Accumulated Depreciation-Equipment SHOW LIST OF ACCOUNTS LINK TO TEXT XYour answer is incorrect. Try again Compute the balance in Accumulated Depreciation-Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. Accumulated Depreciation-Equipment Open Show Work Click if you would like to Show Work for this