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Sandhill Co. purchased equipment for $611,200 which was estimated to have a useful life of...

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Accounting

Sandhill Co. purchased equipment for $611,200 which was estimated to have a useful life of 10 years
with a salvage value of $12,000 at the end of that time. Depreciation has been entered for 7 years on a
straight-line basis. In 2026, it is determined that the total estimated life should be 15 years with a
salvage value of $5,400 at the end of that time.
(a) Prepare the entry (if any) to correct the prior years' depreciation.
(b) Prepare the entry to record depreciation for 2026.
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