Question: Question 4 Machinery purchased for $ 4 1 , 2 0 0 by Swifty Corp. on January 1 , 2 0 1 8 , was

Question 4
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 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
Question 4 Machinery purchased for $41,200 by Swifty Corp. on January

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