On July 1, 2022, Cullumber Company purchased new equipment for $67,200. Its estimated useful life was 7 years with a $8,400 salvage value. On January 1, 2025, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $4,200. (a) Your answer is correct. Prepare the journal entry to record depreciation on December 31, 2022. (List debit entry before credit entry. 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.) Prepare the journal entry to record depreciation on December 31, 2023. (List debit entry before credit entry. 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.) eTextbook and Media List of Accounts Attempts: unlimited (C) The parts of this question must be completed in order. This part will be available when you complete the part above. (d) The parts of this question must be completed in order. This part will be available when you complete the part above