On July 1, 2019, Sandhill Co. purchased new equipment for $90,000. Its estimated useful life was 5 years with a $10,000 salvage value. On January 1, 2022, before making its depreciation entry for 2022, the company estimated the remaining useful life to be 10 years beyond December 31, 2022. The new salvage value is estimated to be $5,000.

x Your answer is incorrect. Try again. Compute the revised annual depreciation on December 31, 2022. X Revised annual depreciation SHOW LIST OF ACCOUNTS LINK TO TEXT 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. Do not indent manually. If no is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit X Depreciation Expense X Accumulated Depreciation-Equipment x Your 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 $: Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS