Skysong Corp. purchased machinery on January 1, 2019 for $692,000. Straight-line depreciation is used. At the time management estimated that the machinery would be used over 10 years and would have a residual value of $47,000. It is now December 31, 2023 and management has determined that the machine's life is now a total of 12 years with no residual value. No adjusting journal entries have been recorded yet for the 2023 year-end. What journal entries are required to record the above events on December 31, 2023? (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 debit entry before credit entry.) Account Titles and Explanation Debit Credit