Buckeye Company purchased a machine on January 1,2016. The machine had a cost of $263,600 with a $10,000 residual value. The estimated useful life of the machine was eight years. On January 1, 2018, 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, 2018. (If no entry is required for a transaction/event select "No journal entry required" in the first account field.) points View transaction list Journal entry worksheet Record the depreciation expense for 2018. Note: Enter debits belore credits December 31, 2018 Record entry Clear entry View general journal