Holtzman purchased a machine on July 1, 2018, at a cost of $120,000. The machine has a salvage value of $16,000 and a useful life of 8 years. Holtzmans bookkeeper recorded straight-line depreciation in 2018 and 2019 but the salvage value used in error by the bookkeeper for two years is $10,000.

a. Prepare the journal entries to record depreciation expense for 2020 and correct any errors made to date related to the information provided. (Ignore taxes.)