Contractors uses steel erecting equipment on many of its projects. Rennie purchased this equipment early in January 2012 for ?$500 000. For 2012 and 2013?, depreciation was calculated by the? straight-line method on the basis of an? eight-year life and an estimated residual value of ?$80 000. In early 2014?, it became evident that the equipment would be useful beyond the original life of eight years.? Therefore, beginning in 2014?, Ironcast changed the depreciable life of the equipment to a total life of 10 years. The business retained the? straight-line method and? didn't alter the residual value. Requirements Prepare Rennie?'s depreciation entries for 2013 and 2014.