On July 1. 2019. Oriole Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $9,000 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. Your answer Is compet 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 Offor the amounts) Account Titles and Explanation Debit Credit Depreciation Experts 4500 Accumulated Depreciation-Equipment 4500 (b) 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.) Account Titles and Explanation Debit Credit Depreciation Expense 9.000 Accumulated Depreciation-Equipment 9:000 eTextbook and Media (c) Your answer is incorrect. Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation $ e Textbook and Media eTextbook List of Accounts