1. Equipment was purchased at the beginning of Year 1 for $680,000. At the time of its purchase, the equipment was estimated to have a useful life of 6 years and a salvage value of $80,000. The equipment was depreciated using the straight-line method through Year 3. At the beginning of year 4, the estimated life was revised to a total life of 8 years and the expected salvage value was changed to $50,000. Prepare the journal entry to record Year 4 depreciation