Larkin Incorporated is a wholesale distributor of computer parts. In 2024,the following situations occurred or

were discovered:

c. Larkins equipment was depreciated by the sum-of-the-years-digits (SYD) basis since it was acquired at

the beginning of 2022 at a cost of $60,000. It has an expected useful life of five years and no

expected residual value. At the beginning of 2024, Larkin decided to switch to straight-line

depreciation.

Larkins books are closed for 2022 and 2023 but are still open in 2024.

INSTRUCTIONS: For each situation, prepare any journal entry necessary as a direct result of the change or error

correction, as well as any adjusting entry required for 2024 related to each situation described. (Ignore

income taxes.)