Question 10 On January 1, 2018, Slipjack Corporation purchased a machine that had an original cost of $170,000 and an estimated residual value of $10,000. The useful life was expected to be 8 years and straight-line depreciation is used. January 2 2022, management revaluated the equipment and determined that it would last another 6 years. When decommissioned in 6 years, the company expected to receive $3,000 from the disposal of the equipment. Required: A. Prepare the journal entry to record depreciation for 2022. B. Show how the equipment would be presented on the Statement of Financial Position at the end of 2022.