A company owns an operational asset acquired on January 1,2006 at a cost of $10,000.It had an estimated useful life of 5 years,no residual value,and was being depreciated on a straight-line basis.On December 31,2007,it was determined that the total useful life would be 4 years.The following adjusting entry (assuming no adjusting entries have been made) for the accounting year ended December 31,2007 should be made (rounded to the nearest dollar) : 
Definitions:
Adult Population
The segment of the population that is considered adult, typically based on a specific age range, often used in demographics and employment statistics.
Labor-Force Participation Rate
The percentage of the population that is either employed or actively looking for employment.
Labor Underutilization
A situation where available labor resources are not being used efficiently, leading to unemployment or underemployment.
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