Leighton Company purchased equipment for $510,000 which was estimated to have a useful life of 10 years with a salvage value of $10,000 at the end of that time. Depreciation has been entered for 7 years on a straight-line basis. In 2014, it is determined that the total estimated life should be 15 years with a salvage value of $5,000 at the end of that time.
Prepare the entry to record depreciation for 2014.