Machinery purchased for $$42,400$ by Cheyenne Corp. on January $1,2018,$ was originally estimated to have an $8-$year useful life with a residual value of $$4,000.$ Depreciation has been entered for five years on this basis. In $2023,$ it is determined that the total estimated useful life $($including $2023)$ 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 uses IFRS for financial statement purposes.

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Prepare the entry that is required to correct the prior years' depreciation, if any.