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The December 31, 2020, adjusted trial balance of Maritime Manufacturing showed the following information: Single...

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Accounting

The December 31, 2020, adjusted trial balance of Maritime Manufacturing showed the following information: Single Machinery $ 580,000 Accumulated depreciation, machinery1 264,300 Office furniture 99,600 Accumulated depreciation, office furniture2 54,600 1Remaining useful life four years; estimated residual $70,000 2Remaining useful life five years; estimated residual $12,200 Early in 2021, the company made a decision to stop making the items produced by the machinery and buy the items instead. As a result, the remaining useful life was decreased to two years and the residual value was increased to a total of $120,000. At the beginning of 2021, it was determined that the estimated life of the office furniture should be reduced by two years and the residual value decreased by $6,800. The company calculates depreciation using the straight-line method to the nearest month. Required: Prepare the entries to record depreciation on the machinery and office furniture for the year ended December 31, 2021. (Round the final answer to the nearest whole dollar.)

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