Concord Enterprises Ltd. purchased machinery on September 1, 2017. The machinery cost $352,100, and was estimated to have a 10-year useful life and a residual value of $52,100. Straight-line depreciation was recorded each year-end (December 31) to the end of December 31, 2021. On January 1, 2022, Concord re-evaluated the machinery. It was now believed that the equipment could be resold for $20,000 on December 31, 2024. Prepare the journal entry to record depreciation for 2022.

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Solution Journal entry required Date Accounts title Debit Credit 3... View the full answer