In 2021, before its books were closed off, Ajax Corp. determined that a machine it purchased on January 1, 2019, at a cost of $250,000, was expensed and appeared on both the company's income statement and tax return. As the amount of the expenditure was material, it should have been capitalized and depreciated on a straight-line basis over 10 years. The estimated residual value at the purchase date was $25,000. Other information follows: Notwithstanding that it expensed the cost of the machine on its 2021 tax return, Ajax Corp. properly claimed CCA for the machine on its tax return from January 1, 2021, onward. Ajax Corp.'s tax rate is 20%. In 2024, Ajax estimated that the useful life of the machine was now only a total of eight years, and the residual value at the end of the useful life would be nil. Required: 1. Prepare the journal entry in 2021 necessary to correct the prior-year error (9 Marks) 2. Prepare the journal entry 2024. Discuss the type of accounting change for this transaction and explain its implication