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 Estimated residual value Depreciation method Depreciation rate $850,000 101,000 Declining balance 20% In 20X5. Waves decreased the estimated residual value to $32,800, 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 Expenses other than depreciation and tax Gain (loss) from discontinued operations, before tax Tax rate 20x5 $3,352,000 1,991,000 56,000 30% 20X4 $2,770,000 1,519,000 30% Required: 1-a. Calculate the ending 2075 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 Record the depreciation for 20X5. Note: Enter debits before credits Date General Journal Debit Credit 20X5 2. Provide the condensed comparative statement of comprehensive income for 20X5, including disclosures related to the accounting change. 20X4 WAVES CORPORATION Statement of Comprehensive Income For Year Ended 31 December 20X5 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