Quinlan Corporation purchased Equipment for $62,450 on January 1, 2018. It was depreciated based on a seven-year life and an $15,900 residual value. On January 1, 2020, Quinlan revised these estimates to a total useful life of four years and a residual value of $10,500. Prepare Quinlan's entry to record 2020 depreciation expense. Assume that Quinlan follows IFRS and uses straight-line depreciation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Jan. 1 Debit Credit