Machinery purchased for $68,400 by Bramble Co. in 2021 was originally estimated to have a life...

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Machinery purchased for $68,400 by Bramble Co. in 2021 was originally estimated to have a life of 8 years with a salvage $4,560 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2026, it is determined that the total estimated life should be 10 years with a salvage value of $5,130 at the end of that time. Assume straight-line depreciation. (a) Your answer is partially correct. 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 O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit No Entry Depreciation Expense 4,674 4,674 Machinery purchased for $68,400 by Bramble Co. in 2021 was originally estimated to have a life of 8 years with a salvage $4,560 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2026, it is determined that the total estimated life should be 10 years with a salvage value of $5,130 at the end of that time. Assume straight-line depreciation. (a) Your answer is partially correct. 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 O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.) Account Titles and Explanation Debit Credit No Entry Depreciation Expense 4,674 4,674