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Machinery purchased for $42,400 by Cheyenne Corp. on January 1,2018, was originally estimated to have...

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Accounting

Machinery purchased for $42,400 by Cheyenne Corp. on January 1,2018, was originally estimated to have an 8-year useful life with a residual value of $4,000. Depreciation has been entered for five years on this basis. In 2023, it is determined that the total estimated useful life (including 2023) should have been 10 years, with a residual value of $5,000 at the end of that time. Assume straight-line depreciation and that Cheyenne uses IFRS for financial statement purposes.
(a)
Prepare the entry that is required to correct the prior years' depreciation, if any.
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