QUESTION 7- (TANGIBLE ASSETS) On January 1, 2017, the Morgantown Company purchased equipment with an original cost of $30,000. It estimates a 10 year-life with no salvage value. The company uses straight-line depreciation method. However during year 3 year 20201, Morgantown Company estimates that it will use the machine for an additional 9 years. Required: Compute the revised annual depreciation and prepare the journal entries on December 31, 2020