Business, 26.11.2019 05:31, kimbyrleeclark
Machinery purchased for $60,000 by tom brady co. in 2016 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 2021, 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. a. prepare the entry to correct the prior years' depreciation, if necessary. b. prepare the entry to record depreciation for 2021.
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