Exercise 11-16 Machinery purchased for $47,800 by Bramble Corp. on January 1, 2015, was originally estimated to have an 8-year useful life with a residual value of $3,000. Depreciation has been entered for five years on this basis. In 2020, it is determined that the total estimated useful life (including 2020) should have been 10 years, with a residual value of $3,600 at the end of that time. Assume straight-line depreciation and that Bramble Corp. uses IFRS for financial statement purposes. 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.) Account Titles and Explanation Debit Credit No Entry No Entry Prepare the entry to record depreciation for 2020. (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.) Account Titles and Explanation Debit Credit Depreciation Expense 3240 Accumulated Depreciati 3240 Repeat part (b) assuming Bramble Corp. uses ASPE and the machinery is originally estimated to have a physical life of 8.5 years and a salvage value of $0. In 2020, it is determined that the total estimated physical life (including 2020) should have been 11 years, with a salvage value of $100 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. Round answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Repeat part (b) assuming Bramble Corp. uses the double-declining-balance method of depreciation. (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. Round answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit List Of Accounts Exercise 11-16 Accumulated Depletion Accumulated Depreciation - Vehicles Accumulated Depreciation - Buildings Accumulated Depreciation - Equipment Accumulated Depreciation - Furniture Accumulated Depreciation - Machinery Accumulated Depreciation - Vehicles Accumulated Impairment Losses - Building Accumulated Impairment Losses - Equipment Accumulated Impairment Losses - Land Accumulated Impairment Losses - Machinery Accumulated Impairment Losses - Mine Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Vehicles Allowance for Loss on Write-down of Held for Sale Assets Asset Retirement Obligation Buildings Cash Common Shares Contribution Expense Cost of Goods Sold Deferred Revenue - Government Grants Depreciation Expense Equipment Exploration Expense Furniture Gain on Disposal of Vehicles Gain on Disposal of Building Gain on Disposal of Equipment Gain on Disposal of Furniture Gain on Disposal of Machinery Gain on Disposal of Vehicle Gain on Disposal of Land Interest Expense Interest Payable Inventory Investment Property Land Loss on Disposal of Vehicles Loss on Disposal of Building Loss on Disposal of Equipment Loss on Disposal of Machinery Loss on Disposal of Land Loss on Disposal of Vehicles Loss on Expropriation Loss on Impairment Loss on Write-down of Held for Sale Assets Machinery Mineral Resources No Entry Notes Payable Oil Property Recovery of Loss from Impairment Recovery of Loss from Write-down of Held for Sale Assets Repairs and Maintenance Expense Retained Earnings Revaluation Surplus (OCI) Revenue - Government Grants Royalty Expense Vehicles
