1. A Company purchased a piece of machinery for $60,000 on January 1, 2019 and has been depreciating the machine using the double-declining-balance method based on a five-year estimated useful life and $10,000 salvage value. On January 1, 2021, A Company decided to switch to the straight-line method of depreciation. The salvage value is still $10,000 and the estimated useful life did not change. Ignore income taxes.

Required:

(1) Prepare the appropriate journal entry, if any, to record the accounting change.

(2) Prepare the journal entry to record depreciation for 2021.