Gwynedd 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 $1,2020,$ the company purchased a machine costing $$170,000,$ and it has an estimated useful life of $15$ years and an estimated residual value of $$26,000.$ Depreciation for partial years is rounded to the nearest full month.

In $2024,$ management decided to revise its estimated life from $18$ years to $25$ years. 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 $31,2024.$

Instructions:

a$)$ Prepare journal entries in chronological order for the given events, beginning with the purchase of machinery on January $1,2020.$ Record depreciation expense separately for each year $2020$ through $2024(5$ separate entries for each year$$s depreciation$)$

$($Hint: record the purchase and annual depreciation for each year$)$