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E 1 0 . 1 1 ( LO 1 ) ( Depreciation - Change in Estimate ) Machinery purchased for $ 6 0 , 0
ELO DepreciationChange in Estimate Machinery purchased for $ by Tom Brady Co in was originally estimated to have a life of years with a salvage value of $ at the end of that time. Depreciation has been entered for years on this basis. In it is determined that the total estimated life should be years with a salvage value of $ at the end of that time. Assume straightline depreciation.
Instructions
a Prepare the entry to correct the prior years' depreciation, if necessary.
b Prepare the entry to record depreciation for
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