Recording Entry for a change in Estimate Exon Company purchased equipment for $80,000 on January 1, 2018. The equipment has an estimated residual value of $2,400 and an estimated useful life of 8 years. The company depreciates the equipment using the straight-line method. On January 1, 2021, the company determines that the total useful life is 6 years and the estimated residual value is $800. Required Prepare the entry to record depreciation expense for 2021. Account Name Dr. Cr. Date Dec. 31, 2021 Check