Current Attempt in Progress

Sheffield Corp. purchased machinery on January $1,2019$ for $$707,000.$ Straight$-$line depreciation is used. At the time management

estimated that the machinery would be used over $10$ years and would have a residual value of $$58,000.$ It is now December $31,2023$

and management has determined that the machine's life is now a total of $12$ years with no residual value. No adjusting journal entries

have been recorded yet for the $2023$ year$-$end.

$($a$)$

Your answer is correct.

Identify the type of accounting change and the treatment for this change.

eTextbook and Media

List of Accounts

$($b$)$

What journal entries are required to record the above events on December $31,2023?($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.$)$

Account Titles and Explanation

Debit

Credit

eTextbook and Media

List of Accounts