Subject: acounting Current Attempt in ProgressBlossom Co, purchased a machine on January 1, 2018, for $539,000. At that time, it was estimated that the machine would have a 10-year life and no salvage value. On December 31, 2021, the firm's accountant found that the entry for depreciation expense had beenomitted in 2019. In addition, management has informed the accountant that the company plans to switch to straight line depreciation,starting with the year 2021. At present, the company uses the sum of the years-digits method for depreciating equipment.Prepare the general journal entries that should be made at December 31, 2021, to record these events. (Ignore tax effects) (Creditaccount titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts)Date:Dec. 31.2021Account Titles and Explanation(To correct for the omission of depreciation expense in2019.)DebitCredit Dec. 31.2021(To record depreciation expense for 2021.)

Name: Subject: acounting Current Attempt in ProgressBlossom Co, purchased a
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Subject: acounting Current Attempt in ProgressBlossom Co, purchased a machine on January 1, 2018, for $539,000. At that time, it was estimated that the machine would have a 10-year life and no salvage value. On December 31, 2021, the firm's accountan