On July 1, 2019, Pharoah Company purchased new equipment for $80,000. Its estimated useful life was 8 years with a $16,000 salvage value. On January 1, 2022, before making its depreciation entry for 2022, the company estimated the remaining useful life to be 10 years beyond December 31, 2022. The new salvage value is estimated to be $5,000.
Prepare the journal entry to record the depreciation on December 31, 2019.
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On July 1, 2019, Pharoah Company purchased new equipment for $80,000. Its estimated useful life was...
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