The December 31, 2020, adjusted trial balance of Maritime Manufacturing showed the following information: Single Machinery Accumulated depreciation, machinery1 Office furniture $760,000 372,300 108,600 Accumulated depreciation, office furniture? 59,100 Remaining useful life four years; estimated residual $40,000 2Remaining useful life five years; estimated residual $13,100 Early in 2021, the company 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 two years and the residual value was increased to a total of $160,000. At the beginning of 2021, it was determined that the estimated life of the office furniture should be reduced by two years and the residual value decreased by $7,700. The company calculates depreciation using the straight-line method to the nearest month. Required: