Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Albatross Company purchased a piece of machinery for $58,500 on January 1, 2022, and has been depreciating the machine using the double-declining-balance method based
Albatross Company purchased a piece of machinery for $58,500 on January 1, 2022, and has been depreciating the machine using the double-declining-balance method based on a five-year estimated useful life and no salvage value. On January 1, 2024, Albatross decided to switch to the straight-line method of depreciation. The salvage value is still zero and the estimated useful life did not change. Ignore income taxes. Required: 1. Prepare the appropriate journal entry, if any, to record the accounting change. 2. Prepare the journal entry to record depreciation for 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate journal entry, if any, to record the accounting change. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 1 Record the accounting change. Note: Enter debits before credits.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started