NeverLate Ltd. completed the following transactions involving delivery trucks:

	2023
Mar.	26	Paid cash for a new delivery truck, $84,000 plus $7,000 of freight costs. The truck was estimated to have a five-year life and a $10,000 trade-in value.
Dec.	31	Recorded straight-line depreciation on the truck to the nearest whole month.
	2024
Dec.	31	Recorded straight-line depreciation on the truck to the nearest whole month. However, due to new information obtained early in January, the original estimated useful life of the truck was changed from five years to four years, and the original estimated trade-in value was increased to $14,500.

1. Journal Entry: Record the depreciation for Dec 31, 2024.

Pete's Propellers Company showed the following information in its Property, Plant, and Equipment Subledger regarding Machine #5027.

Machine #5027
Component	Date of purchase	Depreciation Method*	Cost			Est. Residual			Est.Life
Single metal housing	Jan. 12/22	SL	$	42,000		$	3,000		15 yrs
Motor	Jan. 12/22	DDB		29,000			2,000		10 yrs
Blade	Jan. 12/22	SL		9,600			1,000		5 yrs
			$	80,600

*SL = Straight-line; DDB = Double-declining-balance On January 7, 2023, the machine blade cracked and it was replaced with a new one costing $11,000 purchased for cash (the old blade was scrapped). The new blade had an estimated residual value of $1,000 and an estimated life of five years and would continue to be depreciated using the straight-line method. During 2023, it was determined that the useful life on the metal housing should be increased to a total of 20 years instead of 15 years and that the residual value should be increased to $8,900.

2. Calculate the total depreciation expense to be recorded on Machine #5027 for 2023.