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21) Change in Accounting Estimate: Sheila Company purchased equipment for $500,000 which was estimated to...

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Accounting

21) Change in Accounting Estimate: Sheila Company purchased equipment for $500,000 which was estimated to have a useful life of 10 years with a salvage value of $20,000. Depreciation has been recorded for 6 years on a straight-line basis. In 2019(year 7), it is determined that the total estimated life should be 19 years with a salvage value of $10,000 at the end of that time.
Calculate the depreciation expense for 2019 and make the Journal Entry to record depreciation:

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