Williamson Corporation purchased a depreciable asset for $400,000 on January 1, 2014. The estimated salvage value is $40,000, and the estimated useful life is 9 years. The straight-line method is used for depreciation. In 2016, Williamson changed its estimates to a remaining life of 2 years (including 2016) with a salvage value of $60,000. Provide a journal entry to record the depreciation expense for 2016, and any corrections for prior periods, if necessary.