Question

could you please help me this one?

Question 2 Machinery purchased for $69,600 by Grouper Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $4,640 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2018, it is determined that the total estimated life should be 10 years with a salvage value of $5,220 at the end of that time. Assume straight-line depreciation. Your answer is partially correct. Try again. Prepare the entry to correct the prior year's depreciation, if necessary. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Accumulated Depreciation-Machinery 4756 Machinery 4756 Click if you would like to Show Work for this question: Open Show Work

Answer 1

Journal entries

Date	account and explanation	debit	credit
	No entry

2018 Depreciation entry

Date	account and explanation	debit	credit
2018	Depreciation expense	4756
	Accumulated depreciation-Machinery		4756
	(To record dep)

2018 Dep = (69600-(8120*5)-5220)/5 = 4756