Collins Company purchased a delivery lorry on 1 January 2014 for $840,000. The lorry has an estimated useful life of 12 years and no residual value. On 1 January 2021, the company incurred the following expenditure for the lorry: (i) purchased a new engine at a cost of $45,000, (ii) installed it to the lorry at a cost of $5,000, and (iii) painted the lorry at a cost $1,950 after 7 years of use. On the same date, the company's management now expects the total estimated useful life of the lorry is revised to 17 years with no residual value. The company uses the straight-line method of depreciation (calculated to the nearest whole month) and adjusts its accounts annually on 31 December. Required: Prepare the journal entry at 31 December 2021 to record the depreciation for 2021. Show your workings