On July 1, 2019, Pharoah Conpany purchased new equipment for $70,000. Its estimated useful life was 5 years with a $10,000 salvage value.

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. 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 for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense 6.000 Accumulated Depreciation Equipment 6000 Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation 4.700 eTextbook and Media List of Accounts Account Titles and Explanation Debit Credit Depreciation Expense 4,700 Accumulated Depreciation Equipment 4.700 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 $ 22.700