At the beginning of 2014, Holden Company's controller asked you to prepare correcting entries for the following three situations:

1. Machine X was purchased for $100,000 on January 1, 2009. Straight-line depreciation has been recorded for 5 years, and the Accumulated Depreciation account has a balance of $45,000. The estimated residual value remains at $10,000, but the service life is now estimated to be one year longer than originally estimated.

2. Machine Y was purchased for $40,000 on January 1, 2012. It had an estimated residual value of $4,000 and an estimated service life of 8 years. It has been depreciated under the sum-of-the-years'-digits method for 2 years. Now, the company has decided to change to the straight-line method.

3. Machine Z was purchased for $80,000 on January 1, 2013. Double-declining-balance depreciation has been recorded for 1 year. The estimated residual value is $8,000 and the estimated service life is 5 years. The computation of the depreciation erroneously included the estimated residual value.

Required:

Prepare any necessary correcting journal entries for each situation. Also prepare the journal entry for each situation to record the depreciation for 2014. Ignore income taxes.