Machinery purchased for $54,080 by Sunland Co. in 2018 was originally estimated to have a life of 8 years with a residual value of $4,160 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2023, it is determined that the total estimated life should be 10 years with a residual value of $4,680 at the end of that time. Assume straight-line depreciation. (a) Your answer is partially correct. Prepare the entry to correct the prior years depreciation. If necessary. ( no entry is required, select "No entry for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not Indent manually) Debit Credit Account Titles and Explanation