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A21-8 Change in Estimated Useful Life (LO 21-1, 21-6, 21-8) Stacey Corp. has been depreciating equipment over a 10-year life on a straight-line basis. The equipment, which cost $25,900, was purchased on 1 January 201. It has an estimated residual value of $6,600. On the basis of experience since acquisition, management has decided in 205 to depreciate it over a total life of 14 years instead of 10 years, with no change in the estimated residual value. The change is to be effective on 1 January 205. The 205 financial statements are prepared on a comparative basis; 204 and 205 incomes before depreciation were $51,100 and $54,200, respectively. Disregard income tax considerations. Required: 1-a. Analyze the effects of the change. (Amounts to be deducted should be indicated by a minus sign.) 1-b. Which approach should be used-prospective without restatement, retrospective with partial restatement, or retrospective with full restatement? 2. Prepare the entry, to appropriately reflect the 205 depreciation in the accounts for 205, the year of the change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Note: Enter debits before credits. 3. Show how the accounting change, the equipment, and the related depreciation should be reported on the 205 financial statements, including comparative 204 results