Machinery purchased for $75,000 by Novak Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $5,000 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5,625 at the end of that time. Assume straight-line depreciation. (a) Your answer is correct. 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 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit No Entry 0 No Entry 0 e Textbook and Media List of Accounts Attempts: 1 of 3 used (b) Your answer is partially correct. Prepare the entry to record depreciation for 2021. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Use Machinery related account.) Account Titles and Explanation Debit Credit e Textbook and Media List of Accounts Save for Later Attempts: 2 of 3 used Submit