Green Company constructed a machine at a total cost of $73.90 million. Construction was completed at...

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Green Company constructed a machine at a total cost of $73.90 million. Construction was completed at the end of 2020 and the machine was placed in service at the beginning of 2021. The machine was being depreciated over a 10-year life using the sum-of-the- years'-digits method. The residual value is expected to be $4.30 million. At the beginning of 2024, Green decided to change to the straight-line method. Required: 1. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2024? 2. Suppose Green has been using the straight-line method and switches to the sum-of-the-years'-digits method. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2024? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2024? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). View transaction list Journal entry worksheet 1 Record the entry relating to the machine for 2024 using straight-line method. Note: Enter debits before credits. Event 1 General Journal Debit Credit View general journal Record entry Clear entry Green Company constructed a machine at a total cost of $73.90 million. Construction was completed at the end of 2020 and the machine was placed in service at the beginning of 2021. The machine was being depreciated over a 10-year life using the sum-of-the- years'-digits method. The residual value is expected to be $4.30 million. At the beginning of 2024, Green decided to change to the straight-line method. Required: 1. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2024? 2. Suppose Green has been using the straight-line method and switches to the sum-of-the-years'-digits method. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2024? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2024? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50). View transaction list Journal entry worksheet 1 Record the entry relating to the machine for 2024 using straight-line method. Note: Enter debits before credits. Event 1 General Journal Debit Credit View general journal Record entry Clear entry

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Required 1 To record the journal entry for Green Company switching to the straightline method for de... View the full answer