II. Eagle Company purchased a piece of machinery for $75,000 on January 1, 20x1, and has been depreciating the machine using the double-declining-balance method based on a five-year estimated useful life and no salvage value. On January 1, 20x3, Eagle decided to switch to the straight-line method of depreciation. The residual value is still zero and the estimated useful life did not change.

Required:

a) Prepare the appropriate journal entry, if any, to record the accounting change.

b) Prepare the journal entry to record depreciation for 20x3.