Please correct answer y work TO in, Inc, constructed a machine at a total cost o

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Please correct answer

y work TO in, Inc, constructed a machine at a total cost of $42 million. Construction was completed at the end of 2014 and the machine was placed in service at the beginning of 2015. The machine was being depreciated over a 10-year life using the straight-line method. The residual value is expected to be $2 million. At the beginning of 2018. Irwin decided to change to the sum-ofthe-years-digits method. Ignoring income taxes, prepare the journal entry relating to the machine for 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (ie, 5,500,000 should be entered as 5.50).) Answer is complete but not entirely correct. No Event General Journal Debit Credit Depreciation expense 7.50 Accumulated depreciation K Prev 3 of 9 Next

Explanation / Answer

Accumulated depreciation to date = (42000000-2000000)/10*3= $12000000 Book value at the beginning of 2018 = 42000000-12000000= $30000000 Journal entry: Depreciation expense 7 =(30-2)/28*7       Accumulated depreciation 7

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