QUESTION 2. Machinery purchased for $47,800byBrambleCorp. on January 1, 2015, was originally estimated to have an8-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 been10years, with a residual value of $3,600at the end of that time. Assume straight-line depreciation and thatBrambleCorp. uses IFRS for financial statement purposes.

a)Prepare the entry that is required to correct the prior years' depreciation, if any.

b)Prepare the entry to record depreciation for 2020.

c)Repeat part (b) assumingBrambleCorp. uses ASPE and the machinery is originally estimated to have a physical life of8.5years and a salvage value of $0. In 2020, it is determined that the total estimated physical life (including 2020) should have been11years, with a salvage value of $100at the end of that time

d)Repeat part (b) assumingBrambleCorp. uses the double-declining-balance method of depreciation.