Machinery purchased for $47,800 by Flounder Corp, on January 1, 2012, 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 2017, it is determined that the total estimated useful lfe (including 2017) should have been 10 years, with a residual value or 4,000 at the end of that time. Assume straight-line depreciation and that Flounder Corp. uses IFRSr fiancial statement purposes. 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 O for the amounts.,) Account Titles and Explanation Debit Credit Prepare the entry to record depreciation for 2017. (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. Round answers to O declmal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Repeat part (b) assuming Flounder 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 2017 it is determined that the total estimated physical life (including 2017) should have been 11 years, with a residual value of $100 at the end of that time. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. Ifno entry is required select "No Entry" for the account titles and enter O for the amounts. Round answers to o decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to o decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Machinery purchased for $47,800 by Flounder Corp, on January 1, 2012, 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 2017, it is determined that the total estimated useful lfe (including 2017) should have been 10 years, with a residual value or 4,000 at the end of that time. Assume straight-line depreciation and that Flounder Corp. uses IFRSr fiancial statement purposes. 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 O for the amounts.,) Account Titles and Explanation Debit Credit Prepare the entry to record depreciation for 2017. (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. Round answers to O declmal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Repeat part (b) assuming Flounder 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 2017 it is determined that the total estimated physical life (including 2017) should have been 11 years, with a residual value of $100 at the end of that time. (Credit account tities are automatically indented when the amount is entered. Do not indent manually. Ifno entry is required select "No Entry" for the account titles and enter O for the amounts. Round answers to o decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to o decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit
