Question: Toote HAB Capital G A 0 . E. ( Assignment 2 Equipment was acquired on January 1, 2021, at a cost ofS12,000. The equipment was

Toote HAB Capital G A 0 . E. ( Assignment 2 Equipment was acquired on January 1, 2021, at a cost ofS12,000. The equipment was originally estimated to have a salvage value of $1,000 and an estimated life of 10 years. Depreciation has been recorded through to December 31, 2024, using the straight-line method On January 1, 2025, the estimated salvage value was revised to $1.200 and the useful life was revised to a total of 8 years, Required: Prepare the journal entries required to record the Depreciation expense for 2025

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