Lancer acquired a machine on 1/3/19 for $100,000 and estimated its useful life to be 6 years with a salvage value of $10,000. In 2021, after the preliminary statements were prepared, Lancer realized that the machine could be used for an additional 5 years, but that the salvage value at the end of that time would probably be only $5,000. Straight-line depreciation is being used.

Prepare the necessary journal entries at December 31, 2021, to record the above information.