Case 4 / Change in Accounting Principles/Estimates/Errors (5 Points) On 1/1/2013 the Company acquired a machine for 50 mioEUR that was available for use on the same date. The useful life of the machine is 5 years. On 1/1/2013 the cost of the machine was capitalized. Due to an error, no depreciation charge was recognized for the machine as at 31/12/2013 and 31/12/2014. This error is discovered when preparing the financial statements as at 31/12/2015. Additional information: The impact on financial statements is material. Required: . What should the Company do under IFRSs and why? Argument should include relevant IFRS. Prepare any necessary entries in the Company's financial statements as at 31/12/2015, considering that the company prepares one year of comparative information. Do not consider the impact on deferred taxes