Exercise 11-16 Machinery purchased for $71,600 by Riverbed Corp. on January 1, 2015, was originally estimated to have an 8-year useful life with a residual value of $6,000. 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 $6,800 at the end of that time. Assume straight-line depreciation and that Riverbed 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 0 for the amounts.) Account Titles and Explanation Debit Credit No Entry No Entry 0 SHOW LIST OF ACCOUNTS LINK TO TEXT 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 Repeat part (b) assuming Riverbed 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 SHOW LIST OF ACCOUNTS LINK TO TEXT Repeat part (b) assuming Riverbed 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 SHOW LIST OF ACCOUNTS LINK TO TEXT Coronado Trust you with the following information (a) Curmalete the table to the year moed Dember 31, 2024. The company deprecates all assets for falt year in the year in and the year of the menu Accumulated Date Residual Life in Depreciation Depreciation to Decation Description Value Years Method Dec 31, 2023 Machine Dec. 2000 $100,000 $14,000 10 550,400 Machine Aug 15, 2021 5 19.000 24.000 Shine July 21, 2030 72,000 23.000 B Dedning