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 $0. 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 O decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit 5718 Depreciation Expense Accumulated Depreciation- Machinery 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. 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 required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit 3320 Depreciation Expense 3320 Accumulated Depreciation- Machinery 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 $0. 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 O decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit 5718 Depreciation Expense Accumulated Depreciation- Machinery 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. 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 required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit 3320 Depreciation Expense 3320 Accumulated Depreciation- Machinery