Machinery purchased for $74,400 by Ayayai Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $4,960 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 $5,580 at the end of that time. Assume straight-line depreciation. Part 1 Prepare the entry to correct the prior year's depreciation, if necessary. (lf no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit