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Sweet Enterprises Ltd . purchased machinery on January 1 , 2 0 1 8 . The machinery cost $ 4 0 6 , 0 0

Sweet Enterprises Ltd. purchased machinery on January 1,2018. The machinery cost $406,000, and was estimated to have a ten-year
useful life and a residual value of $59,000. Straight-line depreciation was recorded each year-end (December 31) to the end of
December 31,2022. On January 1,2023, Sweet re-evaluated the machinery. It was now believed that the equipment's total life was
expected to be 15 years.
Prepare the journal entry to record depreciation for 2023.(Credit account titles are automatically indented when 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.)
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