Exercise 13-21 Accounting for a change In accounting policy LO5 Holt Developments Ltd. put an asset in service on January 1, 2021. Its cost was $270,000, its expected residual value was $27,000. The company decided to use double-declining-balance de company's auditors, management decided to change to straight-line depreciation in 2023, with or residual value. Required Explain how and where this change should be accounted for. Exercise 13-21 Accounting for a change In accounting policy LO5 Holt Developments Ltd. put an asset in service on January 1, 2021. Its cost was $270,000, its expected residual value was $27,000. The company decided to use double-declining-balance de company's auditors, management decided to change to straight-line depreciation in 2023, with or residual value. Required Explain how and where this change should be accounted for