At the beginning of 2017, the Hoffman Group purchased office equipment at a cost of $330,000 Its useful life was estimated to be 10 years with no residual value The equipment has been depreciated by the straight line method On January 1, 2021, the company changed to the double declining balance method Required Identify the type of change Prepare any journal entry necessary as a direct result of the change as well as any adjusting entry for 2021 related to the situation described (Ignore income tax effects PLEASE MAKE SURE THIS PROBLEM IS SOLVED USING THE STRAIGHT LINE METHOD AND NOT THE SUM OF YEARS DIGITS

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Posted on Sep 30, 2024

At the beginning of 2017, the Hoffman Group purchased office equipment at a cost of $330,000. Its useful life was estimated to be 10 years

At the beginning of 2017, the Hoffman Group purchased office equipment at a cost of $330,000. Its useful life was estimated to be 10 years with no residual value. The equipment has been depreciated by the straight-line method. On January 1, 2021, the company changed to the double-declining-balance method.

Required:

Identify the type of change.
Prepare any journal entry necessary as a direct result of the change as well as any adjusting entry for 2021 related to the situation described. (Ignore income tax effects.

**PLEASE MAKE SURE THIS PROBLEM IS SOLVED USING THE STRAIGHT LINE METHOD AND NOT THE SUM OF YEARS DIGITS**