need answer to part c

iew Policies how Attempt History Current Attempt in Progress Machinery purchased for $48,600 by Sheffield Corp. on January 1, 2015. 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 2020, it is determined that the total estimated useful life (including 2020) should have been 10 years. with a residual value of $3.500 at the end of that time. Assume straight-line depreciation and that Sheffield Corp. uses IFRS for financial statement purposes. (a) Your answer is correct. Prepare the entry that is required to correct the prior years' depreciation, if any.(Credit occount 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 for the amounts.) Account Titles and Explanation Debit Credit No Entry No Entry (b) Your answer is correct. Prepare the entry to record depreciation for 2020. (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 for the amounts.) Debit Credit Account Titles and Explanation Depreciation Expense 3320 Accumulated Depreciation - Machinery 3320 Your answer is partially correct. Repeat part (b) assuming Sheffield Corp. uses ASPE and the machinery is originally estimated to have a physical life of 8.5 years and a salvage value of So. In 2020, it is determined that the total estimated physical life (including 2020) should have been 11 years, with a salvage value of $100 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 O for the amounts. Round answers to 0 decimal places, eg. 5,275.) Account Titles and Explanation Depreciation Expense Debit Credit Accumulated Depreciation - Machinery e Textbook and Media