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Prepare the entry to correct the prior years depreciation

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Machinery purchased for $66,600 by Concord Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $4,440 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2018, it is determined that the total estimated life should be 10 years with a salvage value of $4,995 at the end of that time. Assume straight-line depreciation.Prepare the entry to correct the prior year's depreciation, if necessary.Prepare the entry to record depreciation for 2018

Reference no: EM131746467

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