Machinery purchased for $$63,000$ by Concord Co$.$ in $2016$ was originally estimated to have a life of $8$ years with a salvage value of

$$4,200$ at the end of that time. Depreciation has been entered for $5$ years on this basis. In $2021,$ it is determined that the total

estimated life should be $10$ years with a salvage value of $$4,725$ at the end of that time. Assume straight$-$line depreciation.

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.$)$

Account Titles and Explanation

Debit

Credit

No Entry