Overwriters Labs, Inc. purchased a building for $300,000 which was originally estimated to have a useful life of 15 years and salvage value of $30,000. Depreciation has been recorded for 5 years on a straight-line basis. On January 1, 2020, the salvage value is revised to $20,000 and the asset's useful life is changed from 15 to 25 years. Instructions 1. Prepare the entry in 2020 to correct the prior years depreciation. (if no entry write "No entry required") Date Account Tities and Explanation PR DebiCredit IT 2. Prepare the entry to record depreciation for 2020. Date Account Titles and Explanation PR Debit Credit Show supporting work 3. Do previous year's financial statements need to be restated because of this change? Yes No