Corning Corporation purchased a computer system for $60,000 on January 1, 2010. It was depreciated based on a seven-year life and an $18,000 residual value. On January 1, 2012, Corning revised these estimates to a total useful life of four years and a residual value of $10,000. Prepare Corning’s entry to record 2012 depreciation expense. Assume that Corning follows IFRS and uses straight-line depreciation.
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