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QUESTION 1 Machinery purchased for $52,000 by XYZ Co. in 2010 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 2015, 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. Instructions a. Prepare the entry to correct the prior years' depreciation, if necessary. b. Prepare the entry to record depreciation for 2015, How would your answer differ in part (a) if the company had changed from a straight-line depreciation method to a double declining method? (hint: no calculations required) TT T Arial Y 3 (120 T.EE