Cheyenne Enterprises Ltd$.$ purchased machinery on September $1,2020.$ The machinery cost $$342,600,$ and was estimated to have a

$10-$year useful life and a residual value of $$42,600.$ Straight$-$line depreciation was recorded each year$-$end $($December $31)$ to the end of

December $31,2024.$ On January $1,2025,$ Cheyenne re$-$evaluated the machinery. It was now believed that the equipment could be

resold for $$12,500$ on December $31,2027.$

Prepare the journal entry to record depreciation for $2025.($Credit account titles are automatically indented when the amount is entered. Do

not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit

entry.$)$

Date

Account Titles and Explanation

Debit

Credit

Dec. $31$