Polly Manufacturing Company acquired equipment on January 1, 2022, for $527,000. Estimated useful life of the equipment was eight years and the estimated residual value was $15,000. It was determined on January 1, 2026, that the total estimated useful life needs to be revised to 10 total years. Residual value remains unchanged. The company uses the straight-line method of depreciation. What is the journal entry for the depreciation expense for 2026? (Round any intermediate calculations to two decimal places and your final answer to the nearest dollar.) 42,667 O Accumulated Depreciation-Equipment Depreciation Expense-Equipment O Depreciation Expense-Equipment Accumulated Depreciation- Equipment O Depreciation Expense-Equipment Accumulated Depreciation- Equipment O Accumulated Depreciation-Equipment Depreciation Expense-Equipment OOO 64,000 42,667 64,000 42,667 64,000 42,667 64,000

Polly Manufacturing Company acquired equipment on January 1, 2022, for $527,000. Estimated useful life of the equipment was eight years and the estimated residual value was $15,000. It was determined on January 1, 2026, that the total estimated useful life needs to be revised to 10 total years. Residual value remains unchanged. The company uses the straight-line method of depreciation. What is the journal entry for the depreciation expense for 2026? (Round any intermediate calculations to two decimal places and your final answer to the nearest dollar.) 42,667 O Accumulated Depreciation-Equipment Depreciation Expense-Equipment O Depreciation Expense-Equipment Accumulated Depreciation- Equipment O Depreciation Expense-Equipment Accumulated Depreciation- Equipment O Accumulated Depreciation-Equipment Depreciation Expense-Equipment OOO 64,000 42,667 64,000 42,667 64,000 42,667 64,000

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Description: Help me selecting the right answer. Thank you Polly Manufacturing Company acquired equipment on January 1, 2022, for $527,000. Estimated useful life of the equipment was eight years and the estimatedresidual value was $15,000. It was determined on Ja

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 7RE: Bliss Company owns an asset with an estimated life of 15 years and an estimated residual value of...

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