Machinery purchased for $73,200 by Blue Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,880 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5.490 at the end of that time. Assume straight-line depreciation Your answer is partially correct. Prepare the entry to correct the prior years' depreciation, if necessary. Of no entry is required, select "No entry for the account titles and enter for the amounts Credit account titles are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Credit Accumulated Depreciation Machinery Debit 8845 Machinery 3845 Your answer is partially correct Prepare the entry to record depreciation for 2021. (if no entry is required, select "No entry for the account titles and enter for the amounts Credit account titles are automatically Indented when amount is entered. Do not indent manually. Use Machinery related account) Debit Credit Account Titles and Explanation Depreciation Expense 6771 Accumulated Depreciation Machinery 6771