Machinery purchased for $61,800by Grouper Co. in 2013 was originally estimated to have a life of8years with a salvage value of $4,120at the end of that time. Depreciation has been entered for5years on this basis. In 2018, it is determined that the total estimated life should be10years with a salvage value of $4,635at the end of that time. Assume straight-line depreciation.

Prepare the entry to correct the prior year's 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.)

Prepare the entry to record depreciation for 2018. (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.)