Problem: Yolo Corp. purchased a machine on January 1, 20X1 for a cost of $70,000. At the time of purchase, the machine was expected to have a useful life of four (4) years and a residual value of $10,000. On January 1, 20X3, the company made an extraordinary repair on the machine at a cost of $20,000. The repair is expected to extend the machine's useful life by an additional two (2) years for a total of six (6) years. The residual value is not expected to change. Yolo uses the straight-line depreciation method. Required: Prepare the entry to record depreciation expense on 12/31/X3. Date Account Debit Credit 12/31/X3