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Bramble Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $305,000, and was estimated to have a ten-year useful life and a residual value of $43,000. Straight-line depreciation was recorded each year-end (December 31) to the end of December 31, 2019. On January 1, 2020, Bramble re-evaluated the machinery. It was now believed that the equipment's total life was expected to be 15 years.
Question 1: Prepare the journal entry to record depreciation for 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
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