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Prepare the entry to correct the prior years depreciation

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Question - Machinery purchased for $73,200 by Blue Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,880 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 $5,490 at the end of that time. Assume straight-line depreciation. Prepare the entry to correct the prior years' depreciation, if necessary.

Reference no: EM133169904

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