Question

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w Policies Trent Attempt in Progress Machinery purchased for $62,400 by Marigold Co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,160 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 $4,680 at the end of that time. Assume straight-line depreciation 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 Tool Content 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 MacBook Air

Answer 1

Debit credit -Jan 7540 Asset-machinery 3 - 4 so) x5. ID - 162400 -4160)*518 7540 Accumulated depreciation Expensé (Being accumulated dep. exp. added) (2) 31-dec 5772 Depreciation Expense (62400-4680)/ 5772 Accumulated deprecation Схрепе (Being dep. Exp recorded)