Waves Corp., which has a calendar fiscal year, purchased its only depreciable capital asset on 1 January 20X3. Information related to the asset: Original cost Depreciation method Depreciation rate Estimated residual value $700,000 83,000 Declining balance 25% In 2005, Waves decreased the estimated residual value to $30,000, and increased the depreciation rate to 40%. Both changes are the result of experience with the asset and revised expectations about the pattern of usage. Additional information: Revenue 20X5 $3,320,000 Expenses other than depreciation and tax 1,963,000 20X4 $2,740,000 1,491,000 Gain (loss) from discontinued operations, before tax 55,000 0 Tax rate 30 % 30% Required: 1-a. Calculate the ending 20X5 balance of accumulated depreciation. Accumulated depreciation 1-b. Prepare the 20X5 entry for depreciation. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 Record the depreciation for 20X5. Note: Enter debits before credits. Date 20X5 General Journal Debit Credit 2. Provide the condensed comparative statement of comprehensive income for 20X5, including disclosures related to the accounting change. WAVES CORPORATION Statement of Comprehensive Income For Year Ended 31 December Revenue Expenses other than depreciation and tax Depreciation expense Net income before discontinued operations and tax Income tax expense Net income from continuing operations Discontinued operations gain Net income and comprehensive income 20X5 20X4