Machinery purchased for $$40,800$ by Blue Spruce Corp. on January $1,2018,$ was originally estimated to have an $8-$year useful life with a residual value of $$4,000.$ Depreciation has been entered for five years on this basis. In $2023,$ it is determined that the total estimated useful life $($including $2023)$ should have been $10$ years, with a residual value of $$4,800$ at the end of that time. Assume straight$-$line depreciation and that Blue Spruce uses IFRS for financial statement purposes.

$($a$)$

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. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit