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For financial reporting, Kumas Poultry Farms has used the declining-balance method of depreciation for conveyor equipment at the beginning of 2021 for $2,832,000. Its useful
For financial reporting, Kumas Poultry Farms has used the declining-balance method of depreciation for conveyor equipment at the beginning of 2021 for $2,832,000. Its useful life was estimated to be six years with a $228,000 residual value. At the be of 2024 , Kumas decides to change to the straight-line method. The effect of this change on depreciation for each year is as fo Required: 2. Prepare any 2024 journal entry related to the change. Note: Enter you answers rounded to the nearest dollar. If no entry is required for a transaction/event, select "No journal er required" in the first account field.) Journal entry worksheet Record the adjusting entry for depreciation in 2024. Note: Enter debits before credits
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