It is December $2023$ and Sheridan Inc. recently hired a new accountant, Jodie Larson. Although Sheridan is a private company, itPrepare the required journal entries to record any adjustments. $($List all debit entries before credit entries. 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.$)$

No$.$ Account Titles and Explanation

Allowance for Doubtful Accounts

Accounts Receivable

Depreciation Expense

Accumulated Depreciation $-$ Equipment

No Entry

Land

Retained Earnings

FV$-$OCI Investments

Accumulated Other Comprehensive Income

Retained Earnings

Debit

Credit

Credit

$]$

follows IFRS. As part of her preparation of the $2023$ financial statements for Sheridan, Jodie has proposed the following accounting

changes:

At December $31,2022,$ Sheridan had a receivable of $$275,000$ from Michael Inc. on its statement of financial position that

had been outstanding since mid$-2021.$ In December $2023,$ Michael was declared bankrupt and no recovery is expected. Jodie

proposes to write off the receivable in $2023$ against retained earnings to correct a $2021$ error.

Jodie proposes to change from double$-$declining$-$balance to straight$-$line depreciation for the company's manufacturing

assets because of a change in the pattern in which the assets provide benefits to the company. If straight$-$line depreciation

had been used for all prior periods, retained earnings would have been $$418,880$ higher at December $31,2022.$ The change's

effect just on $2023$ income is a $$53,680$ reduction.

For equipment in the leasing division, Jodie proposes to adopt the sum$-$of$-$the$-$years'$-$digits depreciation method, which the

company has never used before. Sheridan began operating its leasing division in $2023.$ If straight$-$line depreciation were to be

used, $2023$ income would be $$121,000$ higher.

Sheridan has decided to adopt the revaluation method for reporting and measuring its land, with this policy being effective

from January $1,2023.$ At December $31,2022,$ the land's fair value was $$990,000.$ The land's book value at December $31,$

$2022,$ was $$825,000.($Hint: Refer to IAS $8$ for the treatment of this specific change in policy.$)$

Sheridan has investments that are recorded ta fair value through other comprehensive income $($FV$-$OCI$).$ At December $31,$

$2022,$ an error was made in the calculation of the fair values of these investments. The amount of the error was an

overstatement of the fair value by $$220,000.$