Kano Corporation is a global publisher of magazines, books, and music and video collections and is a leading direct mail marketer. Many direct mail marketers use high-speed Didde press equipment to print their advertisements. These presses can cost more than $1 million. Assume that Kano owns a Didde press acquired at an original cost of S440,000. It is being depreciated on a straight-line basis over a 20-year estimated useful life and has a $54,000 estimated residual value. At the end of the prior year, the press had been depreciated for a full six years. At the beginning of January of the current year, a decision was made, on the basis of improved maintenance procedures, that a total estimated useful life of 24 years and a residual value of $73,000 would be more realistic. The accounting period ends December 31 3. Prepare the adjusting entry for depreciation at December 31 of the current year. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Round your answer to the nearest dollar amount.) View transaction list Journal entry worksheet Record the depreciation at December 31 Note: Enter debits before credits. Date December 31 General Journal Debit Credit Record entry Clear entry View general journal