$($a$)$

Prepare the journal entries to record depreciation expense for $2023$ and correct any errors made to date

related to the information provided. $($Ignore income tax considerations.$)($List all debit entries before

credit entries. Credit account titles are automatically indented when the 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.$)$

No$.$ Account Titles and Explanation

Debit

$($To record depreciation expense$)$

$($To record correction of depreciation recorded$)$

eTextbook and Media

List of AccountsBlossom Company Limited is in the process of preparing its financial statements for $2023.$ Assume that no

entries for depreciation have been recorded in $2023.$ The following information related to depreciation of

fixed assets is provided to you.

Blossom purchased equipment on January $2,2020,$ for $$102,000.$ At that time, the equipment had

an estimated useful life of $10$ years with a $$6,000$ residual value. The equipment is depreciated on a

straight$-$line basis. On January $2,2023,$ as a result of additional information, the company

determined that the equipment has a remaining useful life of $4$ years with a $$3,600$ residual value.

During $2023,$ Blossom changed from the double$-$declining$-$balance method for its building to the

straight$-$line method. The building originally cost $$360,000.$ It had a useful life of $10$ years and a

residual value of $$36,000.$ The following calculations present depreciation on both bases for $2021$

and $2022.$

Blossom purchased a machine on July $1,2021,$ at a cost of $$144,000.$ The machine has a residual

value of $$19,200$ and a useful life of $8$ years. Blossom's bookkeeper recorded straight$-$line

depreciation in $2021$ and $2022$ but failed to consider the residual value.

$($a$)$