Lugar Company purchased a piece of machinery for $300,000 on January 1, 2017, and has been depreciating the machine using the sum-of-the-years'-digits method based on a five-year estimated useful life and no salvage value. On January 1, 2020, Lugar decided to switch to the straight-line method of depreciation. The salvage value is still zero and the estimated useful life is changed to a total of eight years from the date of purchase. Ignore income taxes.

Required: (1) Prepare the appropriate journal entry, if any, to record the accounting change

(2) Prepare the journal entry to record depreciation for 2020.