Current Attempt in Progress Machinery purchased for $58,240 by Sheffield Co. in 2018 was originally estimated to have a life of 8 years with a residual value of $4,480 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2023, it is determined that the total estimated life should be 10 years with a residual value of $5,040 at the end of that time. Assume straight-line depreciation. (a) -Your answer is partially correct. 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 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Depreciation Expense Debit Credit 3,920 Accumulated Depletion 3,920