On July 1, 2019,Blossom Companypurchased new equipment for $75,000. Its estimated useful life was5years with a $12,000salvage value. On January 1, 2022, before making its depreciation entry for 2022, the company estimated the remaining useful life to be10years beyond December 31, 2022.The new salvage value is estimated to be$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 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

eTextbook 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 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

enter an account title

enter a debit amount

enter a credit amount

enter an account title

enter a debit amount

enter a credit amount

eTextbook and Media

List of Accounts

Compute the revised annual depreciation on December 31, 2022.

Revised annual depreciation$

eTextbook 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 0 for the amounts.)

Account Titles and Explanation

Debit

Credit

2 . Here are selected 2022 transactions ofSheffieldCorporation.

Jan. 1Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,000and had a useful life of10years with no salvage value.June 30Sold a computer that was purchased on January 1, 2020. The computer cost $35,200and had a useful life of4years with no salvage value. The computer was sold for $5,900cash.Dec. 31Sold a delivery truck for $9,210cash. The truck cost $23,000when it was purchased on January 1, 2019, and was depreciated based on a5-year useful life with a $4,000salvage value.

Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable.SheffieldCorporation uses straight-line depreciation.