Problem 11-3 The following data relate to the Machinery account of Metlock, Inc. at December 31, 2017 Machinery Original cost Year purchased Useful life Salvage value Depreciation method Accum. depr through 2017* $55,660 2012 10 years $3,751 Sum-of-the- years'-digits $37,752 $96,800 2014 15 years $6,050 $96,800 2016 10 years $6,050 $61,7109 0 2013 15,000 hours $3,630 Activity $42,592 Straight-Double-declining balance line $18,150 $19,360 *In the year an asset is purchased, Metlock, Inc. does not record any depreciation expense on the asset. In the year an asset is retired or traded in, Metlock, Inc. takes a full year's depreciation on the asset The following transactions occurred during 2018 (a) On May 5, Machine A was sold for $15,730 cash. The company's bookkeeper recorded this retirement in the following manner in the cash receipts journal Cash 15,730 Machinery (Machine A) 15,730 (b) On December 31, it was determined that Machine B had been used 2,541 hours during 2018 (c) On December 31, before computing depreciation expense on Machine C, the management of Metlock, Inc. decided the useful life remaining from January 1, 2018, was 10 years (d) On December 31, it was discovered that a machine purchased in 2017 had been expensed completely in that year. This machine cost $33,880 and has a useful life of 10 years and no salvage value. Management has decided to use the double-declining-balance method for this machine, which can be referred to as "Machine E." Prepare the necessary correcting entries for the year 2018. Record the appropriate depreciation expense on the above-mentioned machines. (If no entry is re select "No entry" for the account titles and enter 0 for the amounts. Round intermediate calculations to 3 decimal places, e.g. 4.589 and final ar decimal places, e.g. 45,892. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit To record current depreciation) (To properly record the sale) (To Record the original purchase of the machine)