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Machinery purchased for $ 67,200 by Coronado Co. in 2016 was originally estimated to have...

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Accounting

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Machinery purchased for $ 67,200 by Coronado Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $ 4,480 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $ 5,040 at the end of that time. Assume straight-line depreciation. (a) Your answer is partially correct Prepare the entry to correct the prior years' depreciation, if necessary. (If no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically Indented when amount is entered. Do not Indent manually) Account Titles and Explanation Debit Credit Depreciation Expense 4592 Accumulated Depreciation Machinery 4592

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