On July 1, 2022, Crane Company purchased new equipment for $100,800. Its estimated useful life wa 7 years with a $12,600 salvage value. On January 1, 2025, the company estimated that the equipment's remaining useful life was 10 , ears, with a revised salvage value of $6,300. (a) Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2022. (List debit entry before c edit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entr is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare the journal entry to record depreciation on December 31, 2023. (List debit entry before cledit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entr is required, select "No Entry" for the account titles and enter 0 for the amounts.)