Utica Machinery Company purchases an asset lor $1,200,000. Afor the machine has been used for 25,000 hours, the company expects to sell the asset for $150,000. In Yeat 1, Utica Machinery Company uses the asset for 6,000 hours, Pequired: Prepare the joumat entry to rocord the depreciation. Chart of Accounts ASSETS REVENUE 111 Cash 411 Sales Revenue 121 Accounts Receivable 125 Notes Receivable EXPENSES 141 Inventory 500 Cost of Goods Sold 152 Prepaid Insurance 511 Insurance Expense 184 Machine 512 Utilities Expense 198 Accumulated Depreciation 521 Salaries Expense 531 Depreciation Expense LIABILITIES 532 Bad Debt Expense 211 Accounts Payable 540 Interest Expense 221 Notes Payable 559 Miscellaneous Expenses 224 Interest Payable LIABILITIES 532 Bad Debt Expense 211 Accounts Payable 540 Interest Expense 221 Notes Payable 559 Miscellaneous Expenses 224 Interest Payable 231 Salaries Payable EQUITY 311 Common Stock 331 Retained Earnings 351 Dividends 391 Income Summary