Scobie Incorporated has one plant asset. The asset's original cost was $870,500. There is a $45,500 expected residual value and the estimated useful life is 30 years. On January 1 of the current year, following 20 full years of depreciation, the company determined that the asset will be useful for only another 5 years and reduced the expected residual value to $27,500. The change in estimate is needed to reflect advanced technology used in newer equipment currently available on the market. Scobie uses the straight-line method of depreciation. Prepare the journal entry to record the change in estimate, ignoring any tax effects. (Record debits first, then credits. Exclude explanations from any journal entries.)