Quinlan Corporation purchased equipment for $60,000 on January 1, 2021. It was depreciated based on a seven-year life and an $18,000 residual value. On January 1, 2023, Quinlan revised these estimates to a total useful life of four years and a residual value of $10,000. Prepare Quinlan’s entry to record 2023 depreciation expense. Assume that Quinlan follows IFRS and uses straight-line depreciation.