Recording Entry for a Change in Estimate

Exon Company purchased equipment for $$160,000$ on January $1$ of Year $1.$ The equipment has an estimated residual

value of $$4,800$ and an estimated useful life of $8$ years. The company depreciates the equipment using the straight$-$line

method. On January $1$ of Year $4,$ the company determines that the total useful life is $6$ years and the estimated residual

value is $$1,600.$

Required

Prepare the entry to record depreciation expense for Year $4.$