ch 9

E9.8

E9.8 (LO 2), AP On July 1, 2019, April Company purchased new equipment for $80,000. Its estimated useful life was 7 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. Compute revised depreciation and record entries. Instructions a. Prepare the journal entry to record depreciation on December 31, 2019. b. Prepare the journal entry to record depreciation on December 31, 2020. c. Compute the revised annual depreciation on December 31, 2022. d. Prepare the journal entry to record depreciation on December 31, 2022. e. Compute the balance in Accumulated Depreciation-Equipment for this equipment after depreciation expense has been recorded on December 31, 2022