4. Revised Depreciation 7 marks On January 1, 2018, Kate 'n' Kev's Katering purchased a new commercial oven for its business. The company uses straightline depreciation. Here are the details: Purchase price Useful life in years Residual value $ 12,000 6 840 On January 2, 2020, the owners decided that the oven's quality was significantly better than they had anticipated, and determined that the useful life and residual value of the asset should have been as follows: Useful life in years (from purchase date) Residual value 7 $ 1,008 Determine the revised depreciation expense to be recorded at the company's year-end date, December 31, 2020, and prepare the journal entry.