Prepare the journal entries to record depreciation expense for $2025$ and correct any errors made to date related to the

information provided. $($Ignore taxes.$)($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 all debit entries before credit

entries.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$($To record current year depreciation.$)$

$($To correct prior year depreciation.$)$Coronado Company is in the process of preparing its financial statements for $2025.$ Assume that no entries for depreciation have been

recorded in $2025.$ The following information related to depreciation of fixed assets is provided to you.

Coronado purchased equipment on January $2,2022,$ for $$81,700.$ At that time, the equipment had an estimated useful life of

$10$ years with a $$4,700$ salvage value. The equipment is depreciated on a straight$-$line basis. On January $2,2025,$ as a result of

additional information, the company determined that the equipment has a remaining useful life of $4$ years with a $$2,900$

salvage value.

During $2025,$ Coronado changed from the double$-$declining$-$balance method for its building to the straight$-$line method. The

building originally cost $$330,000.$ It had a useful life of $10$ years and a salvage value of $$33,000.$ The following computations

present depreciation on both bases for $2023$ and $2024.$

Coronado purchased a machine on July $1,2023,$ at a cost of $$120,000.$ The machine has a salvage value of $$18,000$ and a

useful life of $8$ years. Coronado's bookkeeper recorded straight$-$line depreciation in $2023$ and $2024$ but failed to consider the

salvage value.