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Flint Enterprises Ltd. purchased machinery on September 1, 2020. The machinery cost $341,100, and was estimated to have a 10 -year useful life and a
Flint Enterprises Ltd. purchased machinery on September 1, 2020. The machinery cost $341,100, and was estimated to have a 10 -year useful life and a residual value of $41,100. Straight-line depreciation was recorded each year-end (December 31) to the end of December 31, 2024. On January 1, 2025, Flint re-evaluated the machinery. It was now believed that the equipment could be resold for $17,000 on December 31,2027 Prepare the journal entry to record depreciation for 2025 . (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.)
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