Reference no: EM132610742
Machinery purchased for $47,800 by Bramble 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 $3,600 at the end of that time. Assume straight-line depreciation and that Bramble Corp. uses IFRS for financial statement purposes.
Question a) Prepare the entry that is required to correct the prior years' depreciation, if any.
Question b) Prepare the entry to record depreciation for 2020.
Question c) Repeat part (b) assuming Bramble 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
Question d) Repeat part (b) assuming Bramble Corp. uses the double-declining-balance method of depreciation.
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