Buckeye Company purchased a machine on January $1,2022.$ The machine had a cost of $$260,000$ with a $$10,000$ residual value. The estimated useful life of the machine was eight years. On January $1,2024,$ due to technological innovations, the estimated useful life was reduced by two years from the original life and the residual value was reduced by $50\%.$ The company uses straight$-$line depreciation.

Required:Prepare the journal entry to record the annual depreciation on December $31,2024.(5$ pts$)$