View Policies Show Attempt History Current Attempt in Progress On July 1, 2019, Sandhill Co. purchased new equipment for $ 90,000. Its estimated useful life was 5 years with a $ 10,000 salvage value. On December 31, 2022, the company estimated that the equipment's remaining useful life was 10 years, with a revised salvage value of $ 5,000. LIST OF ALLOUITES * Your answer is incorrect Compute the revised annual depreciation on December 31, 2022. Revised annual depreciation $ 6,000 e Textbook and Media List at Accounts Your answer is partially correct, Prepare the journal entry to record depreciation on December 31, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter Ofor the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense 6,000 Accumulated Depreciation Equipment 6,000 e Textbook and Media List of Accounts X Your answer is incorrect. Compute the balance in Accumulated Depreciation-Equipment for this equipment after depreciation expense has been recorded on December 31, 2022. Accumulated Depreciation-Equipment ta $ 46,000 eTextbook and Media List of Accounts Save for Later Attempts: 1 of 3 used Submit