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On July $1,2022,$ Cullumber Company purchased new equipment for $$67,200.$ Its estimated useful life was $7$ years with a $$8,400$

salvage value. On January $1,2025,$ the company estimated that the equipment's remaining useful life was $10$ years, with a revised

salvage value of $$4,200.$

$($a$)$

Your answer is correct.

Prepare the journal entry to record depreciation on December $31,2022.($List debit entry before credit entry. 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

eTextbook and Media

List of Accounts $($b$)$

Your answer is correct.

Prepare the journal entry to record depreciation on December $31,2023.($List debit entry before credit entry. 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 $O$ for the amounts.$)$

Account Titles and Explanation

Credit

Depreciation Expense

Accumulated Depreciation$-$Equipment

eTextbook and Media

List of Accounts

Attempts: unlimited

$($C$)$

Y Your answer is correct.

Compute the revised annual depreciation on December $31,2025.$

Revised annual depreciation

$

eTextbook and Media

List of Accounts $($d$)$

Your answer is correct.

Prepare the journal entry to record depreciation on December $31,2025.($List debit entry before credit entry. 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

Depreciation Expense

Accumulated Depreciation$-$Equipment

eTextbook and Media

List of Accounts

Attempts: unlimited

$($e$)$

Your answer is incorrect.

Compute the balance in Accumulated Depreciation$-$Equipment for this equipment after depreciation expense has been recorded

on December $31,2025.$

Accumulated Depreciation$-$Equipment

eTextbook and Media

List of Accounts

Last saved $1$ day ago.

Attempts: unlimited

Saved work will be auto$-$submitted on the due date. Auto$-$

submission can take up to $10$ minutes.

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