Machinery purchased for $$54,000$ by Pina Colada Corp. on January $1,2018,$ was originally estimated to have an $8-$year useful life with $|$

aresidual value of $$6,000.$ Depreciation has been entered for five years on this basis. In $2023,$ itis determined that the total estimated $|$

useful life $($including $2023)$ should have been $10$ years, with a residual value of $$6,900$ at the end of that time. Assume straight$-$line $|$

depreciation and that Pina Colada uses IFRS for financial statement purposes. $|$

$($a$)|$

Prepare the entry that is required to correct the prior years$$ depreciation, if any. $($Credit account titles are automatically indented $|$

when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry$$ for the account titles and enter O for the $|$

amounts. List debit entry before credit entry$)|$ b$)$Prepare the entry to record depreciation for $2023.$ c$)$Repeat part $($b$)$ assuming Pina Colada uses ASPE and the machinery is originally estimated to have a physical life of $8\mathrm{.}5$ years and a

salvage value of $$0.$ In $2023,$ it is determined that the total estimated physical life $($including $2023)$ should have been $11$ years,

with a salvage value of $$400$ at the end of that time. $($Credit account titles are automatically indented when the amount is entered. Do

not indent manually. If no entry is required, select $"$No Entry$$ for the account titles and enter O for the amounts. List debit entry before

credit entry. Round answers to O decimal places, e$.$g$.5,275.)$ d$)$Repeat part $($b$)$ assuming Pina Colada uses the double$-$declining$-$balance method of depreciation.