Machinery purchased for $64,800by Windsor Co. in 2016 was originally estimated to have a life of8years with a salvage value of $4,320at the end of that time. Depreciation has been entered for5years on this basis. In 2021, it is determined that the total estimated life should be10years with a salvage value of $4,860at the end of that time. Assume straight-line depreciation.

(a)

Prepare the entry to correct the prior years' depreciation, if necessary