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Give the adjusting entry at the end of the current year

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At the end of the prior year ending on December 31, O'Connor Company's records reflected the following for Machine A:

Cost when acquired $30,000
Accumulated depreciation $10,200

At the beginning of January of the current year, the machine was renovated at a cost of $15,500. As a result, the estimated life increased from five years to eight years, and the residual value increased from $4,500 to $6,500. The company uses straight-line depreciation.

Problem 1: Give the adjusting entry at the end of the current year to record straight-line depreciation for the year.

Reference no: EM132758632

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