Machinery purchased for $66,600by Concord Co. in 2013 was originally estimated to have a life of8years with a salvage value of $4,440at 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 $4,995at the end of that time. Assume straight-line depreciation.Prepare the entry to correct the prior year's depreciation, if necessary.Prepare the entry to record depreciation for 2018