Answer and Explanation:
The journal entries are shown below:
a. No journal entry is required
b. Depreciation expense $4,756
To Accumulated depreciation-Machinery $4,756
(Being depreciation expense is recorded)
Here the depreciation expense is debited as it increased the expense and credited the accumulated depreciation as it decreased the assets
Working
Accumulated depreciation is
= ($69,600 - $4,640 ÷ 8 × 5)
= $40,600
Now Revised depreciation is
= ($69,600 - $40,600 - $5,220) ÷ 5
= $4,756
