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Business, 23.04.2020 22:01 DEJAHHARRIS6055

Machinery purchased for $74,400 by Pearl Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $4,960 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 $5,580 at the end of that time. Assume straight-line depreciation.

Prepare the entry to correct the prior year's depreciation, if necessaryPrepare the entry to record depreciation for 2018

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