Weinstein Construction Company uses a crane on its construction projects. The company purchased the crane early in January 19X3 for \(\$ 600,000\). For 19X3 and 19X4 depreciation was taken by the straight-line method on the basis of an eight-year life and an estimated residual value of \(\$ 80,000\). In early 19X5 it became evident that the crane would be useful beyond the original life of eight years. Therefore, beginning in 19X5, Weinstein changed the depreciable life of the crane to a total life of 10 years. The company retained the straight-line method and did not alter the residual value.
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Prepare Weinstein's depreciation entries for 19X4 and 19X5. Identify the accounting principles most important in this situation.