On July 1, 2019, Sunland Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $20,000 salvage value. On December 31, 2022, the company estimated that the equipments remaining useful life was 10 years, with a revised salvage value of $5,000.

On July 1, 2019, Sunland Company purchased new equipment for $80.000. Its estimated useful life was 8 years with a $20,000 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. 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 3750 Accumulated Depreciation Equipment 3750 e Textbook and Media List of Accounts 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 for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense 7500 Accumulated Depreciation Equipment 7500 e Textbook and Media List of Accounts Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation $ e Textbook and Media List of Accounts 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 for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Compute the balance in Accumulated Depreciation-Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. Accumulated Depreciation-Equipment $