Question $1$ of $7$

$\frac{-}{1}$

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Equipment was acquired on January $1,2025$ at a cost of $$160,000.$ The equipment was originally estimated to have a salvage value of $$8,000$ and an estimated life of $10$ years. Depreciation has been recorded through December $31,2027$ using the straight$-$line method. On January $1,2028,$ the estimated salvage value was revised to $$14,000$ and the useful life was revised to a total of $8$ years.

Prepare the journal entry to record depreciation expense for $2028.($If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries.$)$

Depreciation expense for $2028,$$

Adjusting journal entry at $12/31/28$:

Date Account Titles and Explanation

Dec. $31$

Debit

Credit