Current Attempt in Progress

Quigley Co$.$ bought a machine on January $1,2020$ for $$875,000.$ It had a $$75,000$ estimated residual value and a ten$-$year life. An expense account was debited on the purchase date. Quigley uses straight$-$line depreciation. This was discovered in $2022.$

Prepare the entry or entries related to the machine for $2022.($If no entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to $0$ decimal places, e$.$g$.5,250.)$

Account Titles and Explanation

Debit

Credit

$($To correct the error$)$

$($To record depreciation expense$)$