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Your answer is partially correct. Concord Enterprises Ltd. purchased equipment September 1, 2020. The equipment cost $331,300, and was estimated to have a 10-year useful life and a residual value of $31,300. Straight-line depreciation was recorded each year-end (December 31) to the end of December 31, 2024. On January 1, 2025, Concord re-evaluated the equipment. It was now believed that the equipment could be resold for $17,400 on December 31, 2027. Prepare the journal entry to record depreciation for 2025. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Date Account Titles and Explanation Debit Credit Dec. 31 Depreciation Expense 71,300 Accumulated Depreciation - Equipment 71,300 eTextbook and Media