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Question 8 Green Leaves Ltd. (GLL), which has a December 31 year end, purchased equipment...

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Question 8 Green Leaves Ltd. (GLL), which has a December 31 year end, purchased equipment that cost $270,000 on January 1, 2020. The estimated useful life of the equipment was estimated to be 12 years and the residual value to be $15,000. Depreciation for 2020 and 2021 has been recorded using the straight-line method of amortization. On January 1, 2022 GLL changed the estimated useful life of the equipment to a total of 10 years and the residual value to $16,000. Required (8 marks): Prepare the journal entry to record the depreciation for 2022 (show your calculations)

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