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Change in Accounting Estimate: On 7/1/15 AU Co. bought a $50,000 piece of...

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Accounting

Change in Accounting Estimate:

On 7/1/15 AU Co. bought a $50,000 piece of equipment. It depreciated the equipment using the straight-line method assuming $5000 salvage value and a 9-year life. On 1/1/20 AU Co. decided the equipment had 6 more useful years and a $2000 salvage value. What is the depreciation entry for the year ending 12/31/2020?

Journal entry:

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