Machinery purchased for $40,800 by Blue Spruce Corp. on January 1, 2012, 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 2017, it is determined that the total estimated useful life (including 2017) 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 Corp. uses IFRS for financial statement purposes.