Machinery purchased for $63,440 by Carver Co. in 2008 was originally estimated to have a life of 8 years with a salvage value of $4,880 at the end of that time. Depreciation has been entered for 5 years on this basis. In 2013, it is determined that the total estimated life should be 10 years with a salvage value of $5,490 at the end of that time. Assume straight-line depreciation.
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