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I will give thumbs up for correct answers ASAP! Thank you! For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for
I will give thumbs up for correct answers ASAP! Thank you!
For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,576,000. Its useful life was estimated to be six years with a $164,000 residual value. At the beginning of 2021 , Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: Required: 2. Prepare any 2021 journal entry related to the change. (Enter your answers in dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Journal entry worksheet Record the adjusting entry for depreciation in 2021. Note: Enter debits before creditsStep by Step Solution
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