1) Silkway Manufacturing Company acquired machinery on January 1, 2023, for $556,000. Estimated useful life of the machinery was ten years and the estimated residual value was $10,000. On January 1, 2028, after using the machinery for five years, the total estimated useful life has been revised to 7 years in total. Residual value has been revised to $11,000. The company uses the straight- line method of amortization. What is the journal entry for the depreciation expense for Dec 31, 2028