Ted's Tea is a Canadian private corporation that is most well known for their unique flavours of loose-leaf tea. They first opened 5 years ago and have grown significantly since then. Ted's Tea has five locations in Atlantic Canada; Halifax, Charlottetown, Fredericton, Moncton, and St. John's, as well as one location in Montreal that was just opened. Ted, the owner of Ted's Tea, asks you, CPA, for some accounting help. Ted's Tea originally purchased a machine to produce the tea with an expected useful life of 8 years. Due to the increasing demand for their tea, and significant growth, the asset now has a remaining useful life of 1 year. What kind of change is this [ANALYZE]? How should we account for it [CONCLUDE]? We have been approached by a larger tea company that is interested in investing in us. They mentioned that they use IFRS- but we're very confused about the differences between IFRS and ASPE when it comes to changes in accounting. Can you explain 1 difference between IFRS and ASPE? [ADVISE] ASSESS the Situation: maximum 2 sentences/ ANALYZE Major Issues: maximum 6 sentences CONLUDE: maximum 2 sentences, plus journal entries, if applicable & ADVISE: maximum 2 sentences