Syndulla Enterprises purchased a piece of equipment on January $1,20$X$1.$ The following information relates to it$.$

Acquisition Price Expected Useful Life $($in years$)$ Expected Salvage Value

$$884,30624$ $$85,970$

$1)$ Assuming that Syndulla had made no previous entries related to depreciation for the year, record the journal entry for depreciation that Syndulla would record on December $31,20$X$1.$

$2)$ What is the book value of the equipment on December $31,20$X$2?$