E21.25 (LO 1) (Change in EstimateDepreciation) Peter M. Dell Co. purchased equipment for $510,000, which was estimated to have a useful life of 10 years with a residual value of $10,000 at the end of that time. Depreciation has been entered for seven years on a straight-line basis. In 2020, it is determined that the total estimated life should be 15 years with a residual value of $5,000 at the end of that time. Instructions

a. Prepare the entry (if any) to correct the prior years' depreciation. IF no entry explain why

b. Prepare the entry to record depreciation for 2020.