Exercise 20-11 (Algo) Change in depreciation methods [LO20-3] The Canliss Milling Company purchased machinery on January 2, 2022, for $900,000. A five-year life was estimated and no residual value was anticipated. Canliss decided to use the straight-line depreciation method and recorded $180,000 in depreciation in 2022 and 2023. Early in 2024, the company changed its depreciation method to the sum-of-the-years-digits (SYD) method. Required: 1. Will Canliss apply the SYD method retrospectively or apply the method prospectively? 2. Prepare any 2024 journal entry related to the change. Complete this question by entering your answers in the tabs below. Required Required 2 Will Canliss apply the SYD method retrospectively or apply the method prospectively?

Exercise 20-11 (Algo) Change in depreciation methods [LO20-3] The Canliss Miling Company purchased machinery on January 2, 2022, for $900,000. A five-year life was estimated and no residual value was anticipated Canliss decided to use the straight-line depreciation method and recorded $180,000 in depreciation in 2022 and 2023. Early in 2024, the company changed its depreciation method to the sum-of-the-years-digits (SYO) method Required: 1. Will Canliss apply the SYD method retrospectively or apply the method prospectively? 2. Prepare any 2024 joumal entry related to the change Complete this question by entering your answers in the tabs below. Wil Canliss apply the Sro method retrospectively or apply the method prospectively