Pacific company purchased an equipment for 460,000 in January, 2010 The equipment was established to have a useful life of 15 years with a residual value of 10,000. At the end of 2019, the company decided that the equipment will only last for 12 years and the residual value remains the same. Depreciation is calculated on a straight line basis.

Required:

Calculate the depreciation expenses for 2020 and show the journal record.