Reference no: EM132550812
Question - The December 31, 2020, adjusted trial balance of Maritime Manufacturing showed the following information:
Single Machinery $620,000
Accumulated depreciation, machinery 1 288,300
Office furniture 101,600
Accumulated depreciation, office furniture 2 55,600
1. Remaining useful life four years; estimated residual $90,000.
2. Remaining useful life five years; estimated residual $12,400.
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 $9,000. 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.
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