A large lathe was bought on January 1, 2019 for $15,000,000. It was expected to last for 12 years and have a residual value of $300,000. The company uses straight-line depreciation. At the beginning of 2024, the remaining useful life of the lathe was revised to be four more years (for nine years in total). Management also felt that all equipment should now be depreciated using the declining balance method at a 20% rate.Prepare the journal entry to record the derecognition of the asset in 2025.