Current Attempt in Progress

Sandhill Co$.$ bought a machine on January $1,2022,$ for $$4,000,000.$ It had a $$360,000$ estimated residual value and a ten$-$year life. An expense account was debited on the purchase date. Sandhill uses straight$-$line depreciation. This was discovered in $2024.$

Prepare the entries related to the machine for $2024.$ Ignore taxes. $($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. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

$($To correct the error$)$

$($To record depreciation expense$)$