Question 10 of 13 View Policies Current Attempt in Progress /12 E Machinery purchased for $72,600 by Kingbird Co. in 2021 was originally estimated to have a life of 8 years with a salvage value of $4,840 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2026, it is determined that the total estimated life should be 10 years with a salvage value of $5,445 at the end of that time. Assume straight-line depreciation. (a) Prepare the entry to correct the prior years' depreciation, if necessary. (If 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. List debit entry before credit entry) Account Titles and Explanation eTextbook and Media List of Accounts Debit Credit Question 11 of 13 < View Policies Current Attempt in Progress Presented below is information related to equipment owned by Concord Company at December 31, 2025. Cost $9,450,000 Accumulated depreciation to date 1,050,000 Expected future net cash flows 7,350,000 Fair value 5,040,000 -/14 Assume that Concord will continue to use this asset in the future. As of December 31, 2025, the equipment has a remaining useful life of 4 years. (a) Prepare the journal entry (if any) to record the impairment of the asset at December 31, 2025. (If 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. List debit entry before credit entry) Date Account Titles and Explanation Debit Credit