Alpha Company Ltd. purchased equipment on January 1, 2019, for $250,000. The estimated residual value is $25,000 and the estimated useful life is 15 years. Alpha Company Ltd. uses straight-line method to amortize all property, plant and equipment. On January 1, 2022, Alpha Company Ltd. revised the useful life to be a total of 10 years from date of acquisition.
Prepare the journal entry to record amortization on December 31, 2022. Round to the nearest dollar if necessary.

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The Answer of Alpha Company Ltd. purchased equipment on January 1, 2019, for $250,000. The estimated residual value is $25,000 and the estimated useful life is 15 years. Alpha Company Ltd. uses straight-line method to amortize all property, plant and equipment. On January 1, 2022, Alpha Company Ltd. revised the useful life to be a total of 10 years from date of acquisition.
Prepare the journal entry to record amortization on December 31, 2022. Round to the nearest dollar if necessary.