Bebtley Co. purchased equipment on January 1, 2017, at a cost of $45,000. Depreciation for 2017 and 2018 was based on an estimated eight-year life and $3,000 estimated residual value. The company uses the straight-line method of depreciation and records any partial-year depreciation based on the number of months the asset is in service.

In 2019, Bentley Co. revised its depreciation estimate and now believes the equipment will have a total service life of six years & a residual value of $2,000.

Required:

Prepare the journal entry to record the 2019 depreciation.