QUESTION 3 A points Question 3:4 Marks) Machinery purchased for $52,000 by XYZ Co. in 2010 was originally estimated to have a life of 8 years with a residual value of $4,000 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2015, it is determined that the total estimated life should be 10 years with a residual value of $4.500 at the end of that time. Assume straight-line depreciation Instructions: a. Prepare the entry to correct the prior years' depreciation, if necessary. b. Prepare the entry to record depreciation for 2015. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). B I S Paragraph Arial 10pt TA . = = = = lil X X - ABC > TT 99 92 EX E ES 6) ? O WORDS POWER