Please explain the steps and calculations.

Example $5.$ E$21-2.$ Oranges Corporation began operations in January $2020,$ follows IFRS and is

subject to a $30\%$ income tax rate. In $2023,$ the company discovered that a machine with an

original cost of $$220,000,$ residual value of $$30,000,$ and useful life of four years was expensed

in error on January $23,2022,$ when it was acquired. This situation was discovered after preparing

the $2023$ adjusting entries but before calculating income tax expense and closing the accounts.

The company uses straight$-$line depreciation and takes a full year of depreciation in the year of

acquisition. The asset's cost had been appropriately added to the CCA class in $2022$ before the

CCA was calculated and claimed.

Prepare the correcting journal entries that would be recorded in $2023($ignore current$-$year

income tax considerations$).$