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Question - Machinery purchased for $42,400 by Cheyenne Corp. on January 1, 2015, was originally estimated to have an 8-year useful life with a residual value of $4,000. 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 $5,000 at the end of that time. Assume straight-line depreciation and that Cheyenne Corp. uses IFRS for financial statement purposes.
a. Prepare the entry that is required to correct the prior years' depreciation, if any.
b. Prepare the entry to record depreciation for 2020.
c. Repeat part (b) assuming Cheyenne 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 $300 at the end of that time.
d. Repeat part (b) assuming Cheyenne Corp. uses the double-declining-balance method of depreciation.
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