Monty Enterprises Ltd. purchased machinery on September 1, 2020. The machinery cost $358,200, and was estimated to have a 10- year useful life and a residual value of $58,200. Straight-line depreciation was recorded each year-end (December 31) to the end of December 31, 2024. On January 1, 2025, Monty re-evaluated the machinery. It was now believed that the equipment could be resold for $17,000 on December 31, 2027. Prepare the journal entry to record depreciation for 2025. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) Date Account Titles and Explanation Dec. 31 Depreciation Expense Accumulated Depreciation - Machinery Debit 100000 Credit 100000