Question 7 of 7 - / 10 On October 1, 2019, Sunland Manufacturing Company purchased a piece of high-tech equipment for $90,300 cash Sunland estimated the equipment would have a 8 year useful life and a residual value of $8.700. The company uses straight-line depreciation and has a September 30 fiscal year end. On October 1, 2021. Sunland paid 515,100 cash to upgrade the equipment. It is expected that the upgrade will significantly reduce the operating costs of the equipment. Sunland also reviewed the equipment's expected useful life and estimated that due to changing technology, the equipment's total expected useful life will be 4 years and its residual value will be $4,800. Calculate the annual depreciation expense for the first two years of the equipment's life Annual depreciation expense $ per year eTextbook and Media List of Accounts Question 7 of 7 - / 10 Record the annual depreciation of the equipment on September 30, 2022. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Credit Debit Account Titles and Explanation Sept. 30 (To record depreciation expense.) e Textbook and Media List of Accounts ENG 22