On July 1, 2021, Pharoah Company purchases equipment for $22,800. The company uses straight-line depreciation. It estimates the equipment will have a 10-year life. Pharoah Company has a December 31 year end. Record the purchase of the equipment. (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 O for the amounts.) Date Account Titles and Explanation July 1/21 Equipment Cash Debit Credit Calculate the amount of depreciation Pharoah Company should record for the year of the equipment purchase. Amount of depreciation $ Prepare the adjusting journal entry for the equipment at December 31, 2021. (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 O for the amounts.) Date Account Titles and Explanation Dec. 31/21 Debit Credit