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.$)$