Swade Records, Inc., produces small$-$run vinyl records for independent bands in the Boston area. Swade Records, Inc., is a calendar year$-$end company that uses the straight$-$line method of depreciation for all of its property, plant, and equipment.

$2\mathrm{.}1$: On Aug. $1,2020,$ Swade Records, Inc., receives a vinyl press from a German manufacturer that it had purchased for $$39,900.$ It has an expected useful life of $6$ years or $85,000$ records produced and an estimated salvage value of $$1,128.$ In addition to purchasing the vinyl press, Swade Records, Inc., pays an electrician $$720$ to wire an appropriate outlet to hook up the vinyl press because its wiring conforms to European Union, rather than U$.$S$.,$ standards. A technician from Swade Records, Inc., who earns $$33$ per hour, also spent $4$ hours testing and calibrating the equipment to ensure it was working correctly. Record the adjusting journal entry on Dec. $31,2020,$ for depreciation on the vinyl press.

$2\mathrm{.}2$: On Jan. $1,2023,$ Swade Records, Inc., realizes that the machine is better constructed than it originally assumed. It now estimates that the remaining useful life is six more years $($for a total of eight years, five months$)$ and that the residual value is $$1618.$ Record the adjusting journal entry on Dec. $31,2023,$ for depreciation on the vinyl press.