Splish Enterprises Ltd. purchased machinery on September 1, 2014. The machinery cost $331,700, and was estimated to have a 10 useful life and a residual value of $31,700. Straight-line depreciation was recorded each year-end (December 31) to the end of December 31, 2018. On January 1, 2019, Splish re-evaluated the machinery. It was now believed that the equipment could be resold for $12,100 on December 31, 2021. Prepare the journal entry to record depreciation for 2019.

DR Depreciation Expense

CR Accumulated Depreciation - Machinery