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Foden Corporation purchased equipment for $64,900 on January 1, 2021. It was depreciated based on...

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Accounting

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Foden Corporation purchased equipment for $64,900 on January 1, 2021. It was depreciated based on a seven-year life and an $13,800 residual value. On January 1, 2023. Foden revised these estimates to a total useful life of four years and a residual value of $10,800 Prepare Foden's entry to record 2023 depreciation expense. Assume that Foden follows IFRS and uses straight-line depreciation. (List debit entry before credit entry. Credit account tities 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.)

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