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Irwin, Inc. constructed a machine at a total cost of $53 million. Construction was completed...

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Accounting

Irwin, Inc. constructed a machine at a total cost of $53 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the straight-line method. The residual value is expected to be $3 million. At the beginning of 2021, Irwin decided to change to the sum-of-the-years-digits method. Ignoring income taxes, prepare the journal entry relating to the machine

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