2. Machinery purchased for $160,000 by Deer Co. on January 5, 2014 was originally estimated to have a life of 8 years with a salvage value of $15,000 at the end of that time. On May 10, 2018, significant improvements costing $30,000 were made to the machinery and it is determined that the total estimated life should be 10 years with a salvage value of $10,000 at the end of that time. Assume straight-line depreciation. Instructions (a) Prepare the entry to correct the prior years' depreciation. bPrepare all aecesary entries for 2018 gdepreciationcember 31*