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Problem 9-11A-Revising depreclation rates L04 CHECK FİGURES: Deprec. Exp.. Machiner-$45,200; Deprec. Exp., Office Furn. :: $11,733 The December 31, 2017, adjusted trial balance of Maritime Manufacturing showed the following information: Machinery Accumulated depreciation, machinery.!. Office furniture. Accumulated depreciation, office furniture2 1 Remaining useful life four years; estimated residual $64,000 2 Remaining useful life five years; estimated residual $11.200. .. $556,800 246,400 89,600 49,600 Early in 2018, 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 2018, it was determined that the estimated life of the office furniture should be reduced by two years and the residual value decreased by $6,400. 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, 2018 (round calculations to the nearest whole dollar)

Answer 1