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Cornerstone Exercise 3-22 (Algorithmic) Adjustment for Depreciation LaGarde Company has a machine that it purchased for $127,100 on January 1. Annual depreciation on the

Cornerstone Exercise 3-22 (Algorithmic) Adjustment for Depreciation LaGarde Company has a machine that it purchased for $127,100 on January 1. Annual depreciation on the machine is estimated to be $14,200. Required: 1. Prepare the adjusting entry needed at the end of the year. Dec. 31 (Record depreciation on machine) 2. What is the book value of the machine reported on LaGarde's balance sheet at the end of the year?

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