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Make the entry that is required to correct the prior years

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Machinery purchased for $77,000 by Concord Corp. on January 1, 2015, was originally estimated to have an 8-year useful life with a residual value of $5,000. 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 $6,000 at the end of that time. Assume straight-line depreciation and that Concord Corp. uses IFRS for financial statement purposes.

Question 1: Make the entry that is required to correct the prior years' depreciation, if any.

Reference no: EM132599458

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