plz do asap..just answers

PRINTER VERSION BACK Splish Brothers Inc. purchased a machine on January 1, 2020, at a cost of $61.000. The machine is expected to have an estimated residual value of $6,000 at the end of its five-year useful life. The company capitalized the machine and depreciated it in 2020 using the double dedining balance method of depreciation. The company has a policy of using the straight line method to depreciate equipment, as 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 declining 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 indent manually. If no entry is required, select "No Entry for the accountries and enter for the counts) Account Titles and Explanation Debat Corrected net income SHOW LIST OF ACCOUNTS Repeat part (a) assuming Sdish Brothers use ASPE instead 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 Hot indent a lly. If entry is regud select "No Entry for the account titles and enter for the amounts Account Titles and Explanation Debit Credit Repeat part (a) assuming Splish brothers usos ASPE instead of IFRS, the salvage value is $4,000, and the machinery has a physical We of 6 years. (Credit account thesare 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 Corrected net income CHOW LIST OF ACCOUNTS