Brown purchased Machinery for $$200,000 on January 1 2012 and started depreciating it over five years. Residual value was taken as $20,000.

At January 1 2015 a review of asset lives was undertaken and the remaining useful life was estimated at eight years. Residual value was estimated as nil.

Calculated the depreciation charge for the year ended, 31 December, 2015 and subsequent years. Show the ledger entries for the assets and the accumulated depreciation accounts for the number of years