Exercise 11-11 Machinery purchased for $52,000 by Carver Co. in 2011 was originally estimated to have a life of 8 years with a residual value of $4,000 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2016, it is determined that the total estimated life should be 10 years with a residual value of $4,500 at the end of that time. Assume straight-line depreciation. x Your answer is incorrect. Try again. Prepare the entry to correct the prior years' depreciation, if necessary. (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 Debit Credit X Your answer is partially correct. Try again. Prepare the entry to record depreciation for 2016. (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 Debit Credit Depreciation Expense 3500 0 Accumulated Depreciati 0 3500