Exercise 11-11 Machinery purchased for $75,000 by Novak Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $5,000 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 $5,625 at the end of that time. Assume straight-line depreciation. Your answer is correct. 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 No Entry No Entry SHOW ANSWER SHOW LIST OF ACCOUNTS SHOW SOLUTION x Your answer is incorrect. Try again. Prepare the entry to record depreciation for 2018. (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. Use Machinery related account.) Debit Credit Account Titles and Explanation x Open Show Work Click if you would like to Show Work for this question: SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT