Recording a Change in Accounting Estimate Epsom Company purchased a machine that cost $50,000 on January 1, 2012. The estimated useful life was 10 years, and the estimated residual value was $0 Straight line depreciation is uted. At the start of 2020, before making any adjusting entry to record depreciation expense for that year, the company decided that the machine should be depreciated over a 20-year total useful life. Instructions: Round your answers to the nearest dollar. For example, $5.49 is rounded to $5 and $5.50 If a line in a journal entry isn't required for the transaction, select "N/A" as the account name and leave the Drand Cr.answers blank (zero). a. Prepare the adjusting entry at December 31, 2020, for annual depreciation expense. Account Name Dr. Cr. b. Prepare the correcting entry required, if any, at December 31, 2020. If none is required, provide the reason Account Name Dr. Cr. 3 If no correcting entry was required, select the reason. If a correcting entry was required, select 'N/A" as your answer. . Check Next 0