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On July 1, 2019,Bens Asphaltpurchased new equipment for $80,000. Its estimated useful life was8years with a $16,000salvage value. On December 31, 2022, the company estimated

On July 1, 2019,Bens Asphaltpurchased new equipment for $80,000. Its estimated useful life was8years with a $16,000salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was10years, with a revised salvage value of $5,000.

Prepare the journal entry to record depreciation on December 31, 2019.

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