Kingbird Inc. purchased a machine on January 1, 2017, at a cost of 62,000. The machine is expected to have an estimated residual value of 7.000 at the end of its five-year useful life. The company capitalized the machine and depreciated it in 2017 using the double-declining-balance method of deprecation. The company has a policy of using the straight-line method to depreciate machinery, as this method best reflects the benefits to the company over the life of its machinery. However, the company accountant neglected to follow company pollcy when he used the double-declining-balance method. Net income for the year ended December 31, 2017, was $69,000 as a result of depreciating the machine Incorrectly Kingbird has not closed its books for 2017 yet. Kingbird uses IFRS to prepare its financial statements. Using the methad of depreciation that the company normally follows, prepare the correcting entry and determine the corrected net income. Assume the books of account have not yet been clased for 2 account titles are automaticaly 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.) 017, and ignore income taxes. (Credit Account Titles and Explanation Debit Credit Corrected net income SHOW LIST OF ACCOUNTS Repeat part (a) assuming Kingbird uses ASPE instead of IFRS, the salvage value is $5,000, and the machinery has a physical life of 6 years. (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 Corrected net income