Question - Machinery purchased for $90,600 by Tom Brady Co. in 2010 was originally estimated to have a life of 8 years with a salvage value of $6,040 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 $ 6,795 at the end of that time. Assume straight-line depreciation.
Prepare the entry to correct the prior year's depreciation, if necessary.