Russell Corp. purchased a machine on January 1, 2019. The machine had a cost of 5261,600 wh a 510,000 residual value The estimated useful life of the machine was eight years. On January I, 2021, due to technological innovations, the estinated usefil life was reduced by two years from the original Ifie and the residual value was reduced by 50% . The conpany uses stighthtine depreciation. Required: Prepare the journal entry to record the annual depreciation on December 31, 2021. (if no entry is required for a transactionlevent, select "No journal entry required" in the first account field.)