On January $1,2019,$ Friar Company purchased a machine for $$180,000$ that was expected to last $6$ years and have a residual value of $$16,000.$ On January $4,2022,$ Friar Company paid $$25,000$ for improvements to the machine, which increased the total estimated useful life from $6$ to $10$ years and increased the residual value to $$19,500.$ Friar uses straight$-$line depreciation. $(1)$ What account should be debited in the journal entry to record the $$25,000$ improvements? $(2)$ What amount of depreciation expense should be recorded for $2022?$

Short Answer

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