Aggie Co. Purchased equipment on January 1, 2006, at a cost of $650,000. The asset was estimated to have a 12- year life with a residual value of $50,000. Aggies uses straight-line depreciation. In 2011, Aggie revised its total estimated life to 10 years, with no residual value.
Prepare journal entres to record Aggie's depreciation expense for 2010 and 2011.