Exercise 9-17 Revising depreciation rates-change in useful life and residual value LO4 CHECK FIGURE: Revised depreciation $7.624 On April 3, 2017, David's Chocolates purchased a machine for $71,200. It was assumed that the m would have a five-year life and a $15,200 trade-in value. Early in January 2020, it was determined that machine would have a seven-year useful life and the trade-in value would be $8,000. David's Chocol uses the straight-line method to the nearest month for calculating depreciation. achin Required Record depreciation at December 31, 2020, David's Chocolate's year-end. Round to the neares whole dollar