Exercise $9\mathrm{.}6($Algo$)$ Revision of Depreciation Estimates $($LO$9-3)$

Swindall Industries uses straight$-$line depreciation on all of its depreciable assets. The company records annual depreciation expense

at the end of each calendar year. On January $11,2020,$ the company purchased a machine costing $$84,000$ cash. The machine's useful

life was estimated to be $12$ years with an estimated residual value of $$19,300.$ Depreciation for partial years is recorded to the nearest

full month.

In $2024,$ after almost five years of experience with the machine, management decided to revise its estimated life from $12$ years to $20$

years total. No change was made in the estimated residual value. The revised estimate of the useful life was decided prior to recording

annual depreciation expense for the year ended December $31,2024.$

Required:

a$.$ Prepare journal entries in chronological order for the given events, beginning with the purchase of the machinery on January $11,$

Show separately the amount of depreciation expense that will be recorded in $2020$ through $2024.$

Note: Do not round intermediate calculations. Round your final answers to the nearest whole number. If no entry is required for a

transaction$/$event$,$ select $"$No journal entry required" in the first account field.