Walsh Instruments completed the following transactions and events involving its machinery.
2008
Jan. 1 Paid $20,515 cash plus $1,485 in sales tax for a new machine. The machine is estimated to
have a five-year life and a $2,000 salvage value.
Dec. 31 Recorded annual straight-line depreciation on the machinery.
2009
Dec. 31 Due to new information obtained earlier in the year, the machine’s estimated useful life was
changed from five to four years, and the estimated salvage value was increased to $2,550.
Recorded annual straight-line depreciation on the machinery.
2010
Dec. 31 Recorded annual straight-line depreciation on the machinery.
Dec. 31 Sold the machine for $5,600 cash.
Required
Prepare journal entries to record these transactions and events.
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