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Fabric Manufacturing Company acquired equipment on January 1,2021 , for $576,000. Estimated useful life of the equipment was ten years and the estimated residual value

image text in transcribed Fabric Manufacturing Company acquired equipment on January 1,2021 , for $576,000. Estimated useful life of the equipment was ten years and the estimated residual value was $7,000. On January 1,2026 , after using the equipment for five years, the total estimated useful life has been revised to seven total years. Residual value also changed to $8,000. The company uses the straight - line method of depreciation. What is the journal entry for the depreciation expense for 2026? (Round any intermediate calculations to two decimal places and your final answer to the nearest dollar.)

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