Machinery purchased for $86,000 by Culver Corp. on January 1, 2015, was originally estimated to have an 8-year useful life with a residual value of $6,000. Depreciation has been entered for five years on this basis. In 2020, it is determined that the total estimated useful life (including 2020) should have been 10 years, with a residual value of $6,800 at the end of that time. Assume straight-line depreciation and that Culver Corp. uses IFRS for financial statement purposes. Prepare the entry that is required to correct the prior years' depreciation, if any. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, elect "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Equipment eTextbook and Media List of Accounts Debit Credit Prepare the entry to record depreciation for 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts.) Account Titles and Explanation Depreciation Expense Accumulated Depreciation Equipment eTextbook and Media List of Accounts Debit Credit