The December 31, 2023, adjusted trial balance of Maritime Manufacturing showed the following information:

Single Machinery

$560,000

Accumulated depreciation, machinery

Office furniture

252,300

02:52:50

98,600

Accumulated depreciation, office furniture2

54,100

Remaining useful life four years; estimated residual $60,000. 2Remaining useful life five years; estimated residual $12,100.

Zoom

Early in 2024, 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 $120.000. At the beginning of 2024, it was determined that the estimated life of the office furniture should be reduced by two years and the residu value decreased by $9,000. The company calculates depreciation using the straight-line method to the nearest month.

Required:

Prepare the entries to record depreciation on the machinery and office furniture for the year ended December 31, 2024. (Round final answer to the nearest whole dollar.)