Alteran Corporation purchased a machine for $1.5 million in 2008. The machine is being depreciated over a

Question:

Alteran purchased a machine for $1.5 million in 2008. The machine is being depreciated over a 10-year life using the sum-of-the-years'-digits method. The residual value is expected to be $300,000. At the beginning of 2011, Alteran decided to change to the straight-line depreciation method for this machine.

Required:
Prepare the 2011 depreciation adjusting entry.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...