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Prepare the entry to record depreciation

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Question: Machinery purchased for $69,600 by Nash Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $4,640 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 $5,220 at the end of that time. Assume straight-line depreciation.

a) Prepare the entry to correct the prior year's depreciation, if necessary.

b) Prepare the entry to record depreciation for 2018.

Reference no: EM131749098

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