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 , the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $5,000 (a) 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 0 for the amounts.) 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.) Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation Prepare the journal entry to record depreciation on December 31, 2022. (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.) Compute the balance in Accumulated Depreciation-Equipment for this equipment after depreciation expense has been recorded on December 31,2022. Accumulated Depreciation-Equipment