Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

For financlal reporting, Kumas Poultry Farms has used the declining-balance method of depreclation for conveyor equipment acquired at the beginning of 2021 for $2,800,000. Its

image text in transcribed For financlal reporting, Kumas Poultry Farms has used the declining-balance method of depreclation for conveyor equipment acquired at the beginning of 2021 for $2,800,000. Its useful life was estimated to be slx years with a $220,000 residual value. At the beginning of 2024, Kumas decides to change to the stralght-line method. The effect of this change on depreclation for each year is as follows: 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 entry required" in the first account field. Journal entry worksheet Note: Enter debits betare credits

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Just In Time Accounting How To Decrease Costs And Increase Efficiency

Authors: Steven M. Bragg

3rd Edition

0470403721, 978-0470403723

More Books

Students also viewed these Accounting questions

Question

=+d. Purchaser: buys the item.

Answered: 1 week ago