Skpko inc acquied equipment eosting $120,000 on January 8,2024 . It was estimated that this equipment would have a useful lie of 6 years and a residual value of $12, 000 at that time. The straight -Ine method of deprociation was coneidered the most appropriate to ise with this type of equipment. Depreciation is to be recorded at the end of each year on Decenter 31. Ondanuary 4, 2026 (the begnning of the thind year of the equipmenth ite), the company's engineers reconaidered their expectations, and estimated that the equipment't usefut ife would probably be 7 years (in totat) instesd of 6 years. The estimated residusl value was not changed at that tiee. On January 5,2023 the estimated residual value was reduced to 55,000 On December 31,2091 the eaupment was tested foe impeirment, it had a recoverable amourt of $16,000. Instructions Complete a schedule recording the Depreciation Eipense, the Accumblated Deprociation and the Civrying Amount each year. Prepare the joumal eritres to record the abeve transactions. Flound al amounts to the nearest dolar