I already tried $75,500 and $52,500 for depreciation expense.

Marigold Company is in the process of preparing its nancial statements for 2020. Assume that no entries for depreciation have been recorded in 2020. The following information related to depreciation of xed assets is provided to you. 1. Marigold purchased equipment on January 2, 2017, for $81,700. At that time, the equipment had an estimated useful life of 10 years with a $4.700 salvage value. The equipment is depreciated on a straight-line basis. On January 2, 2020, as a result of additional information, the company determined that the equipment has a remaining useful life of4years with a $2.900 salvage value. 2. During 2020, Marigold changed from the doubledecliningbalance method for its building to the straightline method. The building originally cost $330,000. It had a useful life of 10 years and a salvagevalue of $33,000. The following computations present depreciation on both bases for 2018 and 2019. 2019 2018 Stra ight-li he is 2 9,700 $29, 700 Decl in i ngba lance 5 2,800 66,000 3. Marigold purchased a machine on July 1, 2018, at a cost of $120,000. The machine has a salvage value of $18,000 and a useful life of 8 years. Marigold's bookkeeper recorded straight-line depreciation in 2018 and 2019 but failed to consider the salvage value. (a) Your answer is correct. Prepare the journal entries to record depreciation expense for 2020 and correct any errors made to date related to the information provided. (Ignore taxes.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles and Explanation Debit Credit 1. Depreciation Expense 13925 Accumulated Depreciation-Equipment 13925 2. Depreciation Expense 22275 Accumulated Depreciation-Buildings 22275 3. Depreciation Expense 12750 Accumulated Depreciation-Machinery 12750 (To record current year depreciation.) Accumulated Depreciation-Machinery 3375 Retained Earnings 3375 (To correct prior year depreciation.) Your answer is partially correct. Show comparative net income for 2019 and 2020. Income before depreciation expense was $290,000 in 2020, and was $310,000 in 2019. (Ignore taxes.) MARIGOLD COMPANY Comparative Income Statements For the Years 2020 and 2019 2020 2019 Income before depreciation expense $ | 290000 $ 310000 | Depreciation expense 48950 i 75500 Net income $ 241050 $ 234500