(Answered) Question - depreciation-change in estimatemachinery

Accounting

Question - Depreciation-Change in Estimate

Machinery purchased for $61,880 by Carver Co. in 2006 was originally estimated to have a life of 8 years with a salvage value of $4,760 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2011, it is determined that the total estimated life should be 10 years with a salvage value of $5,355 at the end of that time. Assume straight-line depreciation.

(a) Is it necessary to do an entry to correct the prior years' depreciation?

(b) Prepare the entry to record depreciation for 2011.

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