Sheridan Enterprises purchased equipment on January 1,2020, at a cost of 352,000. Sheridan uses the straight-line depreciation method, a 5-year estimated useful life, and no residual value. At the end of 2020 , independent appraisers determined that the assets have a fair value of 320,000. Prepare the journal entry to record 2020 depreciation using the straight-line method. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit (To record depreciation expense) Prepare the journal entry to record the revaluation of the equipment. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Prepare the journal entry to record 2021 depreciation, assuming no additional revaluation. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)