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Machinery purchased for $72,600by Sage Co. in 2013 was originally estimated to have a life of8years with a salvage value of $4,840at the end of

Machinery purchased for $72,600by Sage Co. in 2013 was originally estimated to have a life of8years with a salvage value of $4,840at 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 $5,445at the end of that time. Assume straight-line depreciation.

Prepare the entry to record depreciation for 2018.

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