Flounder Enterprises Ltd. purchased machinery on January 1, 2015. The machinery cost $257,000, and was estimated to have a ten-year useful life and a residual value of $70,000. Straight-line depreciation was recorded each year-end (December 31) to the end of December 31, 2019. On January 1, 2020, Flounder re-evaluated the machinery. It was now believed that the equipments total life was expected to be 15 years. Prepare the journal entry to record depreciation for 2020.