Recording Entry for a change in Estimate Exon Company purchased equipment for $320,000 on January 1, 2018. The equipment has an estimated residual value of $9,600 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 $3,200. Required Prepare the entry to record depreciation expense for 2021. Date Account Name Dec 31, 2021 Depreciation Expense Accumulated Depreciation Dr. Cr