Machinery purchased for $69,600 by Tamarisk Co. in 2021 was originally estimated to have a life of 8 years with a salvage the total estimated life should be 10 years with a salvage value of $5,220 at the end of that time. Assume straight-line depreciation. (a) Your answer is partially 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 manually. List debit entry before credit entry.)