Machinery purchased for $72,600 by Sage Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $4,840 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2018, it is determined that the total estimated life should be 10 years with a salvage value of $5,445 at the end of that time. Assume straight-line depreciation. Partially correct answer iconYour answer is partially correct. 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.) Account Titles and Explanation Debit Credit enter an account title Depreciation Expense enter a debit amount 4961 enter a credit amount enter an account title Accumulated Depreciation-Machinery enter a debit amount enter a credit amount 4961 eTextbook and Media List of Accounts Partially correct answer iconYour answer is partially correct. 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.) Account Titles and Explanation Debit Credit enter an account title Depreciation Expense enter a debit amount 6715.5 enter a credit amount enter an account title Accumulated Depreciation-Machinery enter a debit amount enter a credit amount 6715.5