Problem 11-9 (Algo) Straight-line depreciation; disposal; partial period; change in estimate [LO11-2, 11-5] The property, plant, and equipment section of the Jasper Company's December 31, 2020, balance sheet contained the following: Property, plant, and equipment: Land Building $129,000 Less: Accumulated depreciation Equipment $1,029,000 (245,000) 204,975 784,000 Less: Accumulated depreciation Total property, plant, and equipment 2 The land and building were purchased at the beginning of 2016. Straight-line depreciation is used and a residual value of $49,000 for the building is anticipated. The equipment is comprised of the following three machines: Machine 101 Cost $79,900 102 103 88,100 36,975 Date Acquired 1/1/2018 6/30/2019 9/1/2020 Residual Value $7,900 8,900 3,900 Life (in Years) 10 8 9 The straight-line method is used to determine depreciation on the equipment. On March 31, 2021, Machine 102 was sold for $58,000. Early in 2021, the useful life of machine 101 was revised to seven years in total, and the residual value was revised to zero.