Turbine Manufacturing purchased a new drill press for production on January 1, 2015 for $50000. When the company made the purchase, they determined that the new drill press would have a 10 year useful life with a residual value of $2000. The company used the double-declining balance method to depreciate the drill press. On January 1, 2019, Turbine Manufacturing decided to change the depreciation method to straight line depreciation. At this time, the company determined the drill press will be useful for another 5 years with a revised residual value of $500. Prepare the required journal entries for this change in accounting for the drill press.

19 20 21 22 23 Calculate Depreciation to date: Year Depreciation 2015 2016 2017 24 25 26 2018 27 28 29 Book Value of Asset on 1/1/19 30 31 32 2019 33 Account Debit Credit 34 35