Machinery purchased for $$69,000$ by Vaughn Co$.$ in $2016$ was originally estimated to have a life of $8$ years with a salvage value of

$$4,600$ 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 $$5,175$ at the end of that time. Assume straight$-$line depreciation.

$($a$)$

Your answer is correct.

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

Credit

eTextbook and Media

List of Accounts

Attempts: $1$ of $3$ used

$($b$)$

Prepare the entry to record depreciation for $2021.($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. Use Machinery related

account.$)$

Account Titles and Explanation

Debit

Credit