Machinery purchased for $$41,200$ by Swifty Corp. on January $1,2018,$ was originally estimated to have an $8-$year useful life with a residual value of $$6,000.$ Depreciation has been entered for five years on this basis. In $2023,$ it is determined that the total estimated useful life $($including $2023)$ should have been $10$ years, with a residual value of $$7,000$ at the end of that time. Assume straight$-$line depreciation and that Swifty 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 $0$ for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit

$$

$$

$$

$$

$$

$$

$($b$)$

Prepare the entry to record depreciation for $2023.($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 $0$ for the amounts. List debit entry before credit entry.$)$

Account Titles and Explanation

Debit

Credit