Instructions On January 1, 2018, Kefauver Company purchased a piece of equipment for $375,000. The equipment had a useful life of 10 years and a residual value of $10,000. The company initially starts recording depreciation on a straight-line method. The following independent situations occur at the beginning of 2020: a. The life of the equipment was originally estimated to be 10 years but due to the wear and tear on the b. machine they changed it to a remaining life of 7 years. It was discovered that when initially recorded on the books the residual value had been ignored. Required: Prepare all journal entries related to the equipment for 2020 for each of the independent situations, ignoring income taxes.