3. Buckeye Company purchased a machine on January 1,2013 . The machine had a cost of $260,000 with a $10,000 residual value. The estimated useful life of the machine was eight years. Buckeye properly recorded depreciation in 2013 and 2014 . On January 1, 2015, due to technological innovations, the estimated useful life was reduced by two years from the original life and the residual value was reduced to $5,000. The company uses straight-line depreciation. Required: (a) What correcting entry, if any, would Buckeye need to prepare on January 1 , 2015? (b) Prepare the journal entry to record the annual depreciation on December 31 , 2015