CALCULATOR STANDARD VIEW PRINTER VERSION BACK Exercise 11-11 Machinery purchased for $60,000 by Tom Brady Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $4,000 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 $4,500 at the end of that time. Assume straight-line depreciatiorn Your answer is partially correct. Try again. Prepare the entry to correct the prior year's depreciation, if necessary. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually Account Titles and Explanation Debit Credit Accumulated Depreciation-Machinery 7250 7250 Paid-in Capital in Excess of Par Common Stock SHOW LIST OF ACCOUNTS 11/9/2017