Exercise 11-11 (Part Level Submission) Machinery purchased for $73,800 by Novak

Question

Exercise 11-11 (Part Level Submission) Machinery purchased for $73,800 by Novak Co. in 2013 was originally estimated to have a life of 8 years with a salvage value of $4,920 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2018, it is determined that the total estimated life should be 10 years with a salvage value of $5,535 at the end of that time. Assume straight-line depreciation. ? (a) Your answer is partially correct. Try again. Prepare the entry to correct the prior year's 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.) Account Titles and Explanation EX Debit Credit

Explanation / Answer

NO entry is required to correct prior year's depreciation. The depreciation expense will be adjusted for future years. a No entry 0 No entry 0

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