On Jan 01, 2016 Jawwal Co. purchased a manufacturing plant costing $270,000. Jawwal estimated the plants life and residual value at 5 years and $20,000, respectively. In Jan 2020 Jawwal revised the plants life up from 5 to 7 years,and the residual value down to $1,000.

For two marks journalize the depreciation expense for 2020, assuming Jawwal uses the straight-line method of depreciation. SHOW PLAUSIBLE CALCULATIONS TO GET CREDIT