Machinery purchased for $35,000 by Ayayai Corp. on January 1, 2015, was originally estimated to have an 8-year useful life with a residual value of $3,000. 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 $3,500 at the end of that time. Assume straight-line depreciation and that Ayayai Corp. uses IFRS for financial statement purposes.

a)Prepare the entry to record depreciation for 2020. (

b)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 $100 at the end of that time.

c)Repeat part (b) assuming Ayayai Corp. uses the double-declining-balance method of depreciation