What journal entries will walter make to record depreciation

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Reference no: EM132769648

Problem 1: On 1/1/18, Walter Company purchased a machine for $1,220,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On 1/1/20, Walter determined that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $180,000. An accounting change was made in 2020 to reflect these additional data. What journal entries will Walter make to record depreciation expense for this machine at 12/31/20?

Reference no: EM132769648

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