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Prepare the journal entry relating to the machine

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Question - Irwin, Inc., constructed a machine at a total cost of $36 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 straight-line method. The residual value is expected to be $2 million. At the beginning of 2016, Irwin decided to change to the sum-of-the-years'-digits method.

Ignoring income taxes, prepare the journal entry relating to the machine for 2016.

Reference no: EM132234577

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