Jasminelane6478
Jasminelane6478
30.04.2021 • 
Business

Machinery purchased for $69,000 by Vaughn Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,600 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 $5,175 at the end of that time. Assume straight-line depreciation. Required:
Prepare the entry to correct the prior years' depreciation, if necessary.

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