Hoptie Contractors uses steel erecting equipment on many of its projects. Hoptie purchased this equipment early in January 2012 for $750 000. For 2012 and 2013, depreciation was calculated by the straight-line method on the basis of an eight-year life and an estimated residual value of $80 000. In early 2014, it became evident that the equipment would be useful beyond the original life of eight years. Therefore, beginning in 2014, Ironcast changed the depreciable life of the equipment to a total life of 10 years. The business retained the straight-line method and didn't alter the residual value. Requirements Prepare Hoptie's depreciation entries for 2013 and 2014. Date 2013 Accounts Prepare Hoptie's depreciation entry for 2014. Date 2014 Debit Credit Journal Entry Accounts Debit Credit Hoptie Contractors uses steel erecting equipment on many of its projects. Hoptie purchased this equipment early in January 2012 for $750 000. For 2012 and 2013, depreciation was calculated by the straight-line method on the basis of an eight-year life and an estimated residual value of $80 000. In early 2014, it became evident that the equipment would be useful beyond the original life of eight years. Therefore, beginning in 2014, Ironcast changed the depreciable life of the equipment to a total life of 10 years. The business retained the straight-line method and didn't alter the residual value. Requirements Prepare Hoptie's depreciation entries for 2013 and 2014. Date 2013 Accounts Accumulated depreciation Cash Cost of sales Prepare Hoptie's Depreciation expense Equipment Inventory Date Selling expense 2014 Debit Credit Debit Credit