Ramirez Foods Company acquired a corn flour milling machine for $24,000 and depreciated it on a...

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Ramirez Foods Company acquired a corn flour milling machine for $24,000 and depreciated it on a straight-line basis over an eight- year useful life with a residual value of $3,800. At the end of the prior year, the machine had been depreciated for a full five years. At the beginning of January of the current year, based on new information, the total estimated useful life would be 13 years with a residual value of $2,575. The company's accounting period ends December 31, Required: 1-a. Compute the amount of depreciation expense recorded in the prior year. 1-b. Compute the book value of the milling machine at the end of the prior year. 2. Prepare the adjusting entry for depreciation at December 31 of the current year. Complete the following questions by preparing worksheet and journal entries given below. Required la Required 1b Required 2 Compute the amount of depreciation expense recorded in the prior year. Depreciation expense Required t Required 1b > Ramirez Foods Company acquired a corn flour milling machine for $24,000 and depreciated it on a straight-line basis over an eight- year useful life with a residual value of $3,800. At the end of the prior year, the machine had been depreciated for a full five years. At the beginning of January of the current year, based on new information, the total estimated useful life would be 13 years with a residual value of $2,575. The company's accounting period ends December 31, Required: 1-a. Compute the amount of depreciation expense recorded in the prior year. 1-b. Compute the book value of the milling machine at the end of the prior year. 2. Prepare the adjusting entry for depreciation at December 31 of the current year. Complete the following questions by preparing worksheet and journal entries given below. Required la Required 1b Required 2 Compute the amount of depreciation expense recorded in the prior year. Depreciation expense Required t Required 1b >