The first audit of the books of Swift Limited was recently carried out for the year ended December 31, 2021. Swift follows IFRS In examining the books, the auditor found that certain items had been overlooked or might have been incorrectly handled in the past:

1. At the beginning of 2019, the company purchased a machine for $414,000 (residual value of $24,000) that had a useful life of six years. The bookkeeper used straight-line depreciation but failed to deduct the residual value m calculating the depreciation base for the three years_

2. Swift purchased another company early in 2017 and recorded goodwill of $460 000. Swift amortized 22,000 of goodwill in 2017, and 44,000 in each subsequent year. The tax treatment for goodwill was properly applied

Assuming the company has a tax rate of 20%.

Instructions

a. Prepare the journal entries in 2021 to correct the books where necessary, assuming that the 2021 books have not been closed

b. identify the type of change for each of the items.

(I need the answer asap please)

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