Exercise 11-16 (Part Level Submission) Machinery purchased for $46,600 by Martinez Corp. on January 1, 2015, was originally estimated to have an 8-year useful life with a residual value of $5,000. Depreciation has been entered for five years on this basis. In 2020, it is determined that the total estimated useful life (including 2020) should have been 10 years, with a residual value of $6,000 at the end of that time. Assume straight- line depreciation and that Martinez Corp. uses IFRS for financial statement purposes. (a) Your answer is partially correct. Try again Prepare the entry that is required to correct the prior years' depreciation, if any. (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 0 for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense 5,200 Accumulated Depreciation - Machinery 4,060 SHOW LIST OF ACCOUNTS LINK T XT Attempts: 1 of 3 used