Thurber company purchased equipment for 710,000 which was estimated to have a useful life of 10 years with a salvage value of 10,000 at the end of...

Thurber company purchased equipment for 710,000 which was estimated to have a useful life of 10 years with a salvage value of 10,000 at the end of that time. Depreciation has been entered for 7 years on a straight line basis. In 2013, it is determined that the total estimated life should be 15 years with a salvage value of 4,000 at the end of that time. instructions: (a) prepare the entry (if any) to correct the prior years' depreciation. (b) prepare the entry to record depreciation for 2013.

Thurber company purchased equipment for 710,000 which was estimated to have auseful life of 10 years with a salvage value of 10,000 at the end of that time.Depreciation has been entered for 7...