Machinery purchased for $200,000 by Deer Co. in 2010 was originally
June 7th, 2024
Machinery purchased for $200,000 by Deer Co. in 2010 was originallyestimated to have a life of 10 years with a salvage value of $40,000 at the endof that time. Depreciation has been entered for 5 years on this basis. In 2015, itis determined that the total estimated life should be 9 years with a salvagevalue of $12,000 at the end of that time. Assume straight-line depreciation.Instructions(a) Prepare the entry to correct the prior years’ depreciation, if necessary.(b) Prepare the entry to record depreciation for 2015.