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 $4,830 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. Prepare the entry to correct the prior years depreciation, if necessary. Of no entry is required, select "No entry for the account tities and enter for the amounts. Credit account tities are automatically indented when amount is entered. Do not indent manually) Account Titles and Explanation Credit Debit Prepare the entry to record depreciation for 2021 (no entry is required, select "No entry for the account titles and enter for the amounts Credit account iltles are automatically indented when amount is entered. Do not Indent manually. Use Machinery related account) Account Titles and Explanation Debit Credit