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Is this HW question correct? If no, please help Student Name: Session: At the beginning of 2021 , the Hoffman Group purchased office equipment at
Is this HW question correct? If no, please help
Student Name: Session: At the beginning of 2021 , the Hoffman Group purchased office equipment at a cost of $330,000. Its useful life was estimated to be 10 years with no salvage value. The equipment was depreciated by the sum-of-the-years'- digits method. On January 1, 2024, the company changed to the straightline method. Required: 1. Identify the type of change. 2. Prepare any journal entry necessary for 2024 related to the situation described. \#1) Change in accounting estimate \#2) Depreciation Expense (330,000110)=33,000 Accumulated DepreciationStep by Step Solution
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