Chris M. Wildhorse Co. purchased equipment for $479,400 that was estimated to have a useful life of 10 years with a residual value of $9,400 at the end of that time. Depreciation has been entered for 7 years on a straight-line basis. In 2023, it is determined that the total estimated life should be 15 years with a residual value of $4,800 at the end of that time. (a) Your answer is correct. Prepare the entry (if any) to correct the prior years' depreciation. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) (b) Account Titles and Explanation No Entry No Entry eTextbook and Media List of Accounts Your answer is partially correct. Debit Credit 0 Attempts: 1 of 3 used Prepare the entry to record depreciation for 2023. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Depreciation Expense Accumulated Depreciation - Equipment Debit Credit