On July 1,2019, Pharoah Company purchased new equipenent for $80,000. Its estienated useful life was 8 years with a $16,000 salvage value, On December 31 . 2022, the company estimated that the equipesent's remaining useful life was 10 years, witha revised salvage value of $5.000. (a) Your answer is correct. Prepare the journal entry to record depreciation on December 31. 2019. (Credit account titles are automotically indented when amount is entered. Do not indent monsally. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Prepare the journal entryto record depreciation on December 31, 2020. (Credit account tittes are automotically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts.)