Frank & Sons, Inc. purchased equipment on June 1, 2018, at a cost of $4,975,000. Depreciation was based on an estimated 12-year life and $250,000 estimated residual value. The company uses the straight-line method of depreciation. On January 1, 2024, Juan & Sons, Inc. revised its depreciation estimate and now believes the equipment will have a total service life of ten years & a residual value of $75,000. Prepare the journal entry to record the 2024 depreciation