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Irwin, Incorporated constructed a machine at a total cost of $35 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 straight-line method. The residual value is expected to be $3 million. At the beginning of 2024, Irwin decided to change to the sum-of-the-years'- digits method. Ignoring income taxes, prepare the journal entry 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. Note: Enter debits before credits. Event 1 General Journal Debit Credit

Irwin, Incorporated constructed a machine at a total cost of $35 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 straight-line method. The residual value is expected to be $3 million. At the beginning of 2024, Irwin decided to change to the sum-of-the-years'- digits method. Ignoring income taxes, prepare the journal entry 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. Note: Enter debits before credits. Event 1 General Journal Debit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Irwin, Incorporated constructed a machine at a total cost of $35 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 straight-line method. The residual value is expected to be $3 million. At the beginning of 2024, Irwin decided to change to the sum-of-the-years'- digits method. Ignoring income taxes, prepare the journal entry 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. Note: Enter debits before credits. Event 1 General Journal Debit Credit
Transcribed Image Text:Irwin, Incorporated constructed a machine at a total cost of $35 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 straight-line method. The residual value is expected to be $3 million. At the beginning of 2024, Irwin decided to change to the sum-of-the-years'- digits method. Ignoring income taxes, prepare the journal entry 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. Note: Enter debits before credits. Event 1 General Journal Debit Credit
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