Brief Exercise 21-10 Quinlan Corporation purchased a computer system (accounted for as Office Equipment) for $60,350 on January 1, 2015. It was depreciated based on a seven-year life and an $16,250 residual value. On January 1, 2017, Quinlan revised these estimates to a total useful life of four years and a residual value of $10,800. Prepare Quinlan's entry to record 2017 depreciation expense. Assume that Quinlan follows IFRS and uses straight-line depreciation. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. I1 no entry is reguired, select account titles and enter 0 for the amounts.) Entry for the Date Account Titles and Explanation Debit Credit an. 1 Expense Accumulated Depreciation - Equipment Practice Question 1 %) Your answer is incorrect. Try again. The AcSB has established a reporting framework in the ASPE that covers three types of accounting changes. Which of the following is not one of those changes? change in accounting principle. O change in reporting entity O change in accounting estimate. O correction of an error Practice Question 5 Which of the following is not one of the suggested approaches to reporting changes in the accounts? O prospective. O current period. O retrospective. O selective period