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Please help with this question. For the ASPE value Sage Hill...

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Accounting

Please help with this question.

imageimageFor the ASPE value

Sage Hill Inc. purchased a machine on January 1, 2023, at a cost of $60,000. The machine is expected to have an estimated residual value of $5,000 at the end of its five-year useful life. The company capitalized the machine and depreciated it in 2023 using the double-declining-balance method of depreciation. The company has a policy of using the straight-line method to depreciate equipment, as this method best reflects the benefits to the company over the life of its machinery. However, the company accountant neglected to follow company policy when he used the double-declining-balance method. Net income for the year ended December 31 , 2023 , was $83,000 as a result of depreciating the machine incorrectly. Sage Hill has not closed its books for 2023 yet. Sage Hill uses IFRS to prepare its financial statements. Repeat part (a) assuming Sage Hill uses ASPE instead of IFRS, the salvage value is $3,000, and the machinery has a physical life of 6 years. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.)

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