CH: 20; Irwin, Inc., constructed a machine at a total cost of $79 million. Construction was...

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CH: 20; Irwin, Inc., constructed a machine at a total cost of$79 million. Construction was completed at the end of 2012 and themachine was placed in service at the beginning of 2013. The machinewas being depreciated over a 10-year life using thesum-of-the-years’-digits method. The residual value is expected tobe $2 million. At the beginning of 2016, Irwin decided to change tothe straight-line method.
Ignoring income taxes, prepare the journal entry relating to themachine for 2016. (If no entry is required for atransaction/event, select "No journal entry required" in the firstaccount field. Enter your answers in millions rounded to 1 decimalplace (i.e., 5,500,000 should be entered as 5.5).)
Record the entry relating to the machine for 2016

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Solution Journal entry Date Particulars Post Ref Debit in million Credit in million Depreciation expense 13475 Accumulated depreciation 13475 To record See Answer

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