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Business, 01.05.2021 22:00 sarahandlara200

Machinery purchased for $69,600 by Tamarisk Co. in 2016 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 2021, 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. Prepare the entry to correct the prior years' depreciation, if necessary.
Prepare the entry to record depreciation for 2021.

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Machinery purchased for $69,600 by Tamarisk Co. in 2016 was originally estimated to have a life of 8...
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