Below is a case related to the depreciation of plant and equipment. In this case, the company has a December $31$ year$-$end date, be $4$ more years $($for $9$ years in total$).$ Management also felt that all equipment should now be depreciated using the declining$-$balance method at a $25\%$ rate to better reflect the benefits obtained from the equipment.

Required

Prepare the journal entries for depreciation for $2023$ and $2028.$

Begin by preparing the entry to record depreciation for December $31,2023.($Record debits first, then credits. Explanations are not required. Leave unused cells blank.$)$

December $31,2023$ Accounts

Now, prepare the entry to record depreciation for December $31,2028.($Record debits first, then credits. Explanations are not required. Leave unused cells blank. Round amounts to the nearest whole dollar.$)$

December $31,2028$ Accounts