Evergreen Ltd. purchased a cold storage unit on January 2, 2006, at a cost of $640,000. The unit was depreciated using the straight-line method over an estimated 10-year useful life with an estimated residual value of $40,000. On January 1, 2009, the estimate of useful life was changed to a total of 12 years, and the estimate of residual value was changed to $20,000.
Required:
Prepare the appropriate adjusting entry for depreciation in 2009 to reflect the revised estimate.