On July 1, 2019, Pharoah Company purchased new equipment for $70,000. Its estimated useful life was 5 years with a $10,000 salvage value. On December 31, 2022, (Before calculating annual depreciation) the company estimated that the equipment's remaining useful life was 10 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 Depreciation Expense Debit Credit 6,000