Concord Company purchased a computer system for $72,200 on January 1, 2019. It was depreciated based on a 7-year life and an $19,000 salvage value. On January 1, 2021, Concord revised these estimates to a total useful life of 4 years and a salvage value of $10,100. Concord uses straight-line depreciation. Prepare Concord's entry to record 2021 depreciation expense

Concord Company purchased a computer system for $72,200 on January 1,2019. It was depreciated based on a 7-year life and n $19,000 salvage value. On January 1,2021, Concord revised these estimates to a total useful life of 4 years and a salvage value f $10,100. Concord uses straight-line depreciation. Prepare Concord's entry to record 2021 depreciation expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tilles and enter O for the amounts.)