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Question 19 Splish Brothers Inc. purchased a machine on January 1, 2020, at a cost of $51,000. The machine is expected to have an estimated residual value of $5,000 at the end of its five-year useful life. The company capitalized the machine and deprecated it in 2020 using the doute dedining balance method of depreciation. The company has a policy of using the straight line method to depreciate equipment, this method best reflects the benefits to the company over the life of its machinery. However, the company accountant neglected to follow company policy when he used the double-dedining balance method. Net Income for the year ended December 31, 2020, was $65.000 as a result of depreciating the machine incorrectly. Splish Brothers has not dosed its books for 2020 yet. Splish Brothers uses IFRS to prepare its financial statements Using the method of depreciation that the company normally follows, prepare the correcting entry and determine the corrected net income. Assume the books of account have not yet been dosed for 2020, and ignore Income taxes. (Credit account titles are automatically indented when the amount is entered. Do not inden manually. If no entry is required, select "Ne Entry for the account titles and enter for the amounts) Account Titles and Explanation Corrected net income SHOLIST OF ACCOUNTS art of a year arth Credit accounts and are the y Repeat at assuming Split Brothers use ASPE Instead of the age values 4000, and the machinery has a p automatically indented when the amount is entered. Do not incent analy If newtrys t amounts.) Account Tiles and Explanation LUULUUSIP to prepare its finandal statements Using the method of depreciation that the company normally follows, prepare the correcting entry and determine the corrected net income. Assume the books of account have not y been closed for 2020, and ignore income taxes. (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) Account Titles and Explanation Corrected net income SHOW LIST OF ACCOUNTS Repeat part (a) assuming Solish Brothers uses ASPEinstead of IFRS, the salvage value is $4,000, and the machinery has a physical life of 6 years. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If ne entry is required, select "No Entry for the account titles and enter for the amounts Account Titles and Explanation Debit Credit Corrected net income