Irwin, Inc., constructed a machine at a total cost of $68 million. Construction was completed...
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Irwin, Inc., constructed a machine at a total cost of $68 million. Construction was completed at the end of 2012 and the machine was placed in service at the beginning of 2013. The machine was being depreciated over a 10-year life using the sum-of-the-years'-digits method. The residual value is expected to be $2 million. At the beginning of 2016, Irwin decided to change to the straight-line method. Ignoring income taxes, prepare the journal entry relating to the for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).) View transaction list Journal entry worksheet Record the entry relating to the machine for 2016. Note: Enter debits before credits. Event General Journal Debit Credit Depreciation expense Accumulated depreciation Record entry Clear entry View general journal
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