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On April 3, 2023, Davids Chocolates purchased a machine for $75,200. It was assumed that...

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Accounting

On April 3, 2023, Davids Chocolates purchased a machine for $75,200. It was assumed that the machine would have a five-year life and a $15,600 trade-in value. Early in January 2026, it was determined that the machine would have a seven-year useful life and the trade-in value would be $8,400. Davids Chocolates uses the straight-line method to the nearest month for calculating depreciation. Required: Record depreciation at December 31, 2026, Davids Chocolates year-end. (Do not round intermediate calculations. Round the final answers to the nearest whole dollar.)

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