Irwin, Inc., constructed a machine at a total cost of $45million. Construction was completed at the end of 2014 and themachine was placed in service at the beginning of 2015. The machinewas being depreciated over a 10-year life using thesum-of-the-years’-digits method. The residual value is expected tobe $1 million. At the beginning of 2018, Irwin decided to change tothe straight-line method.
Ignoring income taxes, prepare the journal entry relating to themachine for 2018. (If no entry is required for atransaction/event, select "No journal entry required" in the firstaccount field. Enter your answers in millions rounded to 1 decimalplace (i.e., 5,500,000 should be entered as 5.5).)
Answer:
