Cullumber Company Limited is in the process of preparing its financial statements for $2023.$ Assume that no entries for depreciation

have been recorded in $2023.$ The following information related to depreciation of fixed assets is provided to you.

Cullumber purchased equipment on January $2,2020,$ for $$105,400.$ At that time, the equipment had an estimated life

of $10$ years with a $$6,200$ residual value. The equipment is depreciated on a straight$-$line basis. On January $2,2023,$ as a result

of additional information, the company determined that the equipment has a remaining useful life of $4$ years with a $$3,720$

residual value.

During $2023,$ Cullumber changed from the double$-$declining$-$balance method for its building to the straight$-$line method. The

building originally cost $$372,000.$ It had a useful life of $10$ years and a residual value of $$37,200.$ The following calculations

present depreciation on both bases for $2021$ and $2022.$

Cullumber purchased a machine on July $1,2021,$ at a cost of $$148,800.$ The machine has a residual value of $$19,840$ and a

useful life of $8$ years. Cullumber's bookkeeper recorded straight$-$line depreciation in $2021$ and $2022$ but failed to consider the

residual value.

Prepare the journal entries to record depreciation expense for $2023$ and correct any errors made to date related to the

information provided. $($Ignore income tax considerations.$)($List all debit entries before credit entries. Credit account titles are