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 $ by Cheyenne Corp. on January was originally estimated to have an year useful life with a residual value of $ Depreciation has been entered for five years on this basis. In it is determined that the total estimated useful life including should have been years, with a residual value of $ at the end of that time. Assume straightline 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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