Annual depreciation expense on a building purchased a few years ago (using the straight-line method) is $5,500. The cost of the building was $110,000. The current book value of the equipment (January 1, 2016) is $93,500. At the time of purchase, the asset was estimated to have a zero salvage value. On January 1, 2016, the company decided to reduce the original useful life by 25% and to establish a salvage value of $5,500. The firm also decided double-declining-balance depreciation was more appropriate. Ignore tax effects. Required: 1. Record the journal entry, if any, to report the accounting change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Record the annual depreciation for 2016