esc Question 11 [5 points] Equipment purchased for $84,000 by Gulf Corp. on January 1, 2014 was originally estimated to have a five-year useful life with a residual value of $3,000. Depreciation has been recorded for the last two years based on these factors. In 2016, the asset's condition was reviewed and it was determined that the useful life will likely be seven years and the residual value $5,000. The company uses straight-line depreciation. Please make sure your final answer(s) are accurate to 2 decimal places. a) Prepare the journal entry to correct the prior years' depreciation for the year ended December 31, 2016, if any. Enter an appropriate description, and enter the date in the format dd/mmm (ie. 15/Jan Date General Journal Account/Explanation Page G2 PR Debit Credit b) Prepare the journal entry to record the depreciation for the year ended December 31, 2016. Enter an appropriate description, and enter the date in the format dd/mmm (ie. 15/Jan). Date General Journal Account/Explanation Page G2 PR Debit Credit Question 12 [15 points] JenStar has defined its computer repair division as a cash-generating unit under IFRS. The company reported the following carrying amounts for this division on May 31, 2015: MacBook Air # 3 2 SO F3 $ 4 #d FA 8 D11 F FIS F17 & % 5 6 7 8 Q W E R T Y D 0 P