View Policies Current Attempt in Progress On October 1, 2019. Pharoah Manufacturing Company purchased a piece of high-tech equipment for $49,700 cash. Pharosh estimated the equipment would have a 8 year useful life and a residual value of $3,900. The company uses straight-line depreciation and has a September 30 fiscal year end On October 1, 2021, Pharoah paid $15.200 cash to upgrade the equipment. It is expected that the upgrade will significantly reduce the operating costs of the equioment. Pharoah ah reviewed the equipment's expected neful life and estimated that due to changing technology, the equipment's total expected useful life will be 5 years and its residual value will be $4.900 Calculate the annual depreciation expense for the fiest two years of the equipment's life. Annual depreciation Cente Der year Calculate the carrying amount of the equipment at September 30, 2021 Carrying amount Oct, 1 (To record pride to equipment) Record the annual depreciation of the equipment on September 30, 2022. (edit account is one outomatically indented when the amount sted. Do not indent manne entry required electory for the countles and enter for the amounts Debt Credit Date Account Titles and Explanation Sept 30 To record depreciation expense