On July $1,2019,$ Blossom Company purchased new equipment for $$75,000.$ Its estimated useful life was $5$ years with a $$12,000$ salvage value. On December $31,2022,($before calculating annual depreciation$)$ the company estimated that the equipment's remaining useful life was $10$ years, with a revised salvage value of $$5,000.$

$($a$)$

Your answer is correct.

Prepare the journal entry to record depreciation on December $31,2019.($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 $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Depreciation Expense

Accumulated Depreciation$-$Equipment

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Assistance Used

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List of Accounts

$($b$)$

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Your answer is partially correct.

Prepare the journal entry to record depreciation on December $31,2020.($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 $0$ for the amounts.$)$

Account Titles and Explanation

Debit

Credit

Depreciation Expense

Accumulated Depreciation$-$Equipment