During 2010 the controller of the Ryel Company asked you to prepare correcting

During
2010 the controller of the Ryel Company asked you to prepare
correcting journal entries for the following three situations:1.
Machine A was purchased for $50000 on January 1 2005. Straight-line
depreciation has been recorded for 5 years and the Accumulated
depreciation account has a balance of $25000. The estimated residual
value remains at $5000 but the service life is now estimated to be
one year longer than estimated originally.2. Machine B was
purchased for $40000 on January 1 2008. It had an estimated residual
value of $5000 and an estimated service life of 10 years. It has
been depreciated under the double-declining-balance method for two
years. Now at the beginning of the third year Ryel has decided to
change to the straight-line method.3. Machine C was purchased for
$20000 on January 1 2009. Double-declining-balance depreciation
has been recorded for one year. The estimated residual value of the
machine is $2000 and the estimated service life is five years. The
computation of the depreciation erroneously included the estimated
residual value.Prepare the necessary correcting journal entries
for each situation. Also prepare the journal entry necessary for each
situation to record the depreciation for 2010. (Assume that the
debit is to Depreciation Expense.)