Here is the question:

Machinery purchased for $39,200 by Ayayai Corp. on January 1, 2015, was originally estimated to have an 8-year useful life with a residual value of $4,000. Depreciation has been entered for ve 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 $5,000 at the end of that time. Assume straight-line depreciation and that Ayayai Corp. uses IFRS for nancial statement purposes. V Your answer is correct. 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. lf no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit l | . Your answer is partially correct. 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 0 for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense 3420 Accumulated Depreciation Machinery 3420 Repeat part (b) assuming Ayayai 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 $300 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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit I Depreciation Expense l 3536 | I | Accumulated Depreciation - Machinery 3536 Repeat part (b) assuming Ayayai Corp. uses the doubledeclining-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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Depreciation Expense 2569 Accumulated Depreciation - Machinery 2569