Late in $2023,$ Ivanhoe determined that a piece of specialized equipment purchased in January $2020$ at a cost of $$75,000$ with

an estimated useful life of five years and residual value of $$5,200$ is now expected to continue in use until the end of $2027$ and

have a residual value of $$3,000$ at that time. The company has been using straight$-$line depreciation for this equipment, and

depreciation for $2023$ has already been recognized based on the original estimates. PLEASE FIND THE JOURNAL ENTRY.