Business, 11.05.2021 18:00 biancasamadp3usfw

Machinery purchased for $66,600 by Whispering Co. in 2016 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 2021, 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 years' depreciation, if necessary. (If no entry is required, select "No entry" for the account titles and enter o for the amounts, Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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