Machinery purchased for $77,000 by Concord Corp. on January 1, 2018, was originally estimated to have an 8-year useful life with a residual value of $5,000. 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 $6,000 at the end of that time. Assume straight-line depreciation and that Concord uses IFRS for financial statement purposes.