Springer International Publishing, headquartered in Berlin, Germany, is a leading global publisher of scientific, technical, and medical journals and books for researchers in academia, scientific institutions, and corporate R&D departments. For print publications, assume that Springer owns a Didde press (now manufactured by Graphic Systems Services) that was acquired at an original cost of $400,000. It is being depreciated on a straight-line basis over a 20-year estimated useful life and has a $50,000 estimated residual value. At the end of the prior year, the press had been depreciated for a full six years. At the beginning of January of the current year, a decision was made, on the basis of improved maintenance procedures, that a total estimated useful life of 25 years and a residual value of $73,000 would be more realistic. The accounting period ends December 31.

Required:
1. Compute (a) the amount of depreciation expense recorded in the prior year and (b) the book value of the printing press at the end of the prior year.
2. Give the adjusting entry for depreciation at December 31 of the current year. Show computations (round amount to the nearest dollar).