Gundrum Company purchased equipment on January 1, 2015 for $920,400. The equipment was expected to have a useful life of 10 years and a salvage value of $33,000. Gundrum uses the straight-line method of depreciation. At the beginning of 2020, Gundrum determined the total estimated life of the equipment was 13 years and the residual value would be $9,800 at the end of that time.

Required:

Prepare any entry needed in 2020 to account for this change.