Prepare the entry to correct the prior years depreciation, Accounting Basics

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Prepare the entry to correct the prior years depreciation

Question:

Machinery purchased for $ 60,000 by Tom Brady Co. in 2010 was originally estimated to have a life of 8 years with a salvage 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 salvage value of $ 4,500 at the end of that time. Assume straight-line depreciation.

Prepare the entry to correct the prior year's depreciation

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Accounting Basics: Prepare the entry to correct the prior years depreciation

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