Green Co. constructed a machine at a total cost of $75.20 million. Construction was completed...
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Green Co. constructed a machine at a total cost of $75.20 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the sum-of-the- years'-digits method. The residual value is expected to be $4.40 million. At the beginning of 2021, Green decided to change to the straight-line method. Required: 1. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021? 2. Suppose Green has been using the straight-line method and switches to the sum-of- the-years'-digits method. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Ignoring income taxes, what journal entry(s) should Green record relating to the machine for transaction/event, select "No journal entry required" in the first account field. Enter your ansv (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet
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