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. c 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)