On 30 June 2023, the end of the current reporting period, Kirk Ltd made a decision, using the information obtained over the past few years, to revise the useful life of its building acquired five years earlier on 1 July 2019 for $1 000 000. The useful life was revised from ten years to 15 years. The building was originally depreciated on the straight-line basis over its useful life and it was expected that the building would have no residual value. No depreciation has been provided in the current period.

REQUIRED

a. Prepare the journal entry to account for the change in accounting estimate.

b. Assuming that the change in accounting estimate had a material effect on financial performance for the period, prepare an appropriate supporting note.