The December 31, 2015, adjusted trial balance of Gulf Corp. showed the following information: Machinery... Accumulated depreciation, machinery... Office furniture. Accumulated depreciation, office furniture.. Remaining useful life 5 years; estimated residual $105,000 2Remaining useful life 4 years; estimated residual $16,000 $693,000 307,000 114,000 64,000 Early in 2016, Gulf Corp. made a decision to stop making the items produced by the machinery and buy the items instead. As a result, the remaining useful life was decreased to 2 years and the residual value was increased to a total of $165,000. At the beginning of 2016, it was determined that the estimated life of the office furniture should be reduced by 1 year and the residual value decreased by $5,000. Gulf Corp. calculates depreciation using the straight-line method to the nearest month. Prepare the entries to record depreciation on the machinery and office furniture for the year ended December 31, 2016. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). For each journal entry, indicate how each account affects the balance sheet (Assets, Liabilities, Equity). Use + for increase and - for decrease. For example, if an account decreases equity, choose '-Equity'. Date General Journal Account/Explanation Page GJ1 F Debit Credit Effect On Balance Sheet