The December 31, 2023, adjusted trial balance of Maritime Manufacturing showed the following information:

Early in 2024, the company made a decision to stop making the items produced by the machinery and buy the items instead. As a result, the remaining useful life was decreased to two years and the residual value was increased to a total of $120,000. At the beginning of 2024, it was determined that the estimated life of the office furniture should be reduced by two years and the residual value decreased by $6,400. The company calculates depreciation using the straight-line method to the nearest month.

RequiredPrepare the entries to record depreciation on the machinery and office furniture for the year ended December 31, 2024 (round calculations to the nearest whole dollar).

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Single Machinery Accumulated depreciation, machinery¹ Office furniture Accumulated depreciation, office furniture² 1 Remaining useful life four years; estimated residual $64,000. 2 Remaining useful life five years; estimated residual $11,200. $556,800 246,400 89,600 49,600