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Irwin, Inc. constructed a machine at a total cost of $51 million Construction was completed at the end of 2017 and the machine was placed
Irwin, Inc. constructed a machine at a total cost of $51 million Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10 year if using the straight-ane method. The residual value is expected to be $3 miilion At the beginning of 2021, Irwin decided to change to the sum-of-the-years-digits method Beginning of 2021. leteclated over a 10 yostre end of 2017 and the Ignoring Income taxes, prepare the journal entry relating to the machine for 2021 (If no entry is required for a transaction event select "No journal entry required in the first account field. Do not found intermediate calculations. Enter your answers in millions rounded to 2 decimal places (e., 5.500.000 should be entered as 5.501.) View transactions Journal entry worksheet Record the entry relating to the machine for 2021. Recordandy Clearntry View
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