Exercise 11-11 (Part Level Submission) Machinery purchased for $71,400 by Splish Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $4,760 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 $5,355 at the end of that time. Assume straight-line depreciation. (a) 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 o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Account Titles and Explanation Credit No Entry T 0 T No Entry