Lawrence Company purchased a machine for $950,000 on 1/1/21, and depreciated it by the straight-line method...

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Lawrence Company purchased a machine for $950,000 on 1/1/21, and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. In 2024, Lawrence determined that the company would only use the machine for six years from the date of acquisition but would be able to recover $100,000 in reselling it at the end of that time. If the preliminary financial statements for 2024 had already been prepared, what journal entry would Lawrence make to reflect the change in depreciation expense for this machine at 12/31/24? Lawrence Company purchased a machine for $950,000 on 1/1/21, and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. In 2024, Lawrence determined that the company would only use the machine for six years from the date of acquisition but would be able to recover $100,000 in reselling it at the end of that time. If the preliminary financial statements for 2024 had already been prepared, what journal entry would Lawrence make to reflect the change in depreciation expense for this machine at 12/31/24?