LaGarde Company has a machine that it purchased for $151,2500 on January 1. Annual depreciation on the machine is estimated to be $25,920. Required: 1. Prepare the adjusting entry needed at the end of the year. Dec. 31 Depreciation Expense Accumulated Depreciation (Record depreciation on machine) Feedback Check My Work 2. What is the book value of the machine reported on LaGarde's statement of financial position at the end of the year