Machinery purchased for $$86,000$ by Culver Corp. on January $1,2018,$ was originally estimated to have an $8-$year useful life with a residual value of $$6,000.$ 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 $$6,800$ at the end of that time. Assume straight$-$line depreciation and that Culver uses IFRS for financial statement purposes.Repeat part $($b$)$ assuming Culver uses ASPE and the machinery is originally estimated to have a physical life of $8\mathrm{.}5$ years and a

salvage value of $$0.$ In $2023,$ it is determined that the total estimated physical life $($including $2023)$ should have been $11$ years,

with a salvage value of $$200$ at the end of that time. $($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. Round answers to $0$ decimal places, e$.$g$.5,275.)$

Account Titles and Explanation

Depreciation Expense

Debit

Accumulated Depreciation $-$ Machinery

Credit