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Machinery purchased for $ 5 4 , 0 0 0 by Pina Colada Corp. on January 1 , 2 0 1 8 , was originally
Machinery purchased for $ by Pina Colada Corp. on January was originally estimated to have an year useful life with aresidual value of $ Depreciation has been entered for five years on this basis. In itis 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 Pina Colada uses IFRS for financial statement purposes. a Prepare the entry that is required to correct the prior years depreciation, if any. 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 bPrepare the entry to record depreciation for cRepeat part b assuming Pina Colada uses ASPE and the machinery is originally estimated to have a physical life of years and a salvage value of $ In it is determined that the total estimated physical life including should have been years, with a salvage value of $ at the end of that time. 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. Round answers to O decimal places, eg dRepeat part b assuming Pina Colada uses the doubledecliningbalance method of depreciation.
Machinery purchased for $ by Pina Colada Corp. on January was originally estimated to have an year useful life with
aresidual value of $ Depreciation has been entered for five years on this basis. In itis 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 Pina Colada uses IFRS for financial statement purposes.
a
Prepare the entry that is required to correct the prior years depreciation, if any. 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 bPrepare the entry to record depreciation for cRepeat part b assuming Pina Colada uses ASPE and the machinery is originally estimated to have a physical life of years and a
salvage value of $ In it is determined that the total estimated physical life including should have been years,
with a salvage value of $ at the end of that time. 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. Round answers to O decimal places, eg dRepeat part b assuming Pina Colada uses the doubledecliningbalance method of depreciation.
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