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Amazon purhcased a machine for $260,000. Amazon estimated the salavage to be $10000. Amazon purhcased the machine on January 1,2022 Amazon estimates the life of

Amazon purhcased a machine for $260,000. Amazon estimated the salavage to be $10000. Amazon purhcased the machine on January 1,2022 Amazon estimates the life of the machine to be 8 years. On January 1 st 2024 , due to technical advances, Amazon decided that the life of asset should be reduced by 2 years and salvage cut in half. REQUIRED: 1) Prepare the journal entry (if any) to report the accounting change under GAAP 2) Record the annual depreciation for this year

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