Machinery purchased for $$60,000$ by Tom Brady Co$.$ in $2021$ was originally estimated to have a life of $8$ years with a salvage value of $$4,000$ at the end of that time. Depreciation has been entered for $5$ years on this basis. In $2026,$ it is determined that the total estimated life should be $10$ years with a salvage value of $$4,500$ at the end of that time. Assume straight$-$line depreciation.

$($a$)$

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Prepare the entry to correct the prior years' depreciation, if necessary. $($If no entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit