The December 31, 2014, adjusted trial balance of Old Maritime Manufacturing showed the following information:

The December 31, 2014, adjusted trial balance of Old Maritime Manufacturing showed the following information: Machinery$780,000 Accumulated depreciation, machinery1384,300 Office furniture109,600 Accumulated depreciation, office furniture259,600 1Remaining useful life four years; estimated residual $50,000 2Remaining useful life five years; estimated residual $13,200.Early in 2015, the company made a decision to stop making the items produced by the machinery and buy the items instead. As a result, the remaining useful life was decreased to two years and the residual value was increased to a total of $160,000. At the beginning of 2015, it was determined that the estimated life of the office furniture should be reduced by two years and the residual value decreased by $7,000. The company calculates depreciation using the straight-line method to the nearest month.Required:Prepare the entries to record depreciation on the machinery and office furniture for the year ended December 31, 2015. (If no entry is required for a transaction/event, select “No journal entry required” in the first account field. Enter your answers in whole dollars.)