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Prepare the journal entry to record depreciation expense

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Question - Joshua Company purchased a tooling machine on January 3, 2015 for $1,325,000. The machine was being depreciated on the straight-line method over an estimated useful life of 10 years, with no salvage value. At the beginning of 2021, the company paid $150,000 to overhaul the machine. As a result of this improvement, the company, estimated that the useful life of the machine would be extended an additional four years beyond the original life and still have no salvage value. Prepare the journal entry to record depreciation expense for the machine in 2021.

Reference no: EM133091591

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