Irwin, Inc., constructed a machine at a total cost of $23million. Construction was completed at the end of 2012 and themachine was placed in service at the beginning of 2013. The machinewas being depreciated over a 10-year life using the straight-linemethod. The residual value is expected to be $3 million. At thebeginning of 2016, Irwin decided to change to thesum-of-the-years’-digits method. Ignoring income taxes, prepare thejournal entry relating to the machine for 2016.
