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, 2015, the estimate of the useful life is revised so that the asset is considered to have a total life of 25 years and a revised salvage value of $20,000. Instructions Prepare the entry (if any) to correct the prior years' depreciation. (if not entry write "No entry required") Prepare the entry to record depreciation for 2015. Do previous year's financial statements need to be restated because of this Yes No