Q 6 - Obaid Co. purchased equipment for $1,000,000 which was estimated to have a useful life of 15 years with a salvage value of $25,000 at the end of that time. Depreciation has been entered for 5 years on a straight-line basis. In 2021, it is determined that the total estimated life should be 10 years with no salvage value at the end of that time. Instructions (a). Prepare the entry (if any) to correct the prior years' depreciation. (0.4 mark) (b). Prepare the entry to record depreciation for 2015. (2.6 marks) Q2 - Saad Company has the following obligations at December 31: (a). A note payable for $10,000 due in 18 months; (b). Unearned revenue of $12,500; (e). Interest payable of $15,000; (d). Accounts payable of $60,000; (e). Note payable due in three months. Required: For each obligation, indicate whether it should be classified as a current liability. (Assume an operating cycle of less than one year.)