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On 1/1/17, Lewis Company purchased a machine for $1,980,000 and depreciated it by the straight-line method using an estimated useful life of eight years with
On 1/1/17, Lewis Company purchased a machine for $1,980,000 and depreciated it by the straight-line method using an estimated useful life of eight years with no salvage value. On 1/1/20, Lewis determined | ||||||||||||||||||
that the machine had a useful life of six years from the date of acquisition and will have a salvage value of $180,000. An accounting change was made in 2020 to reflect these additional data. | ||||||||||||||||||
What journal entry will Lewis make to record depreciation expense for this machine at 12/31/20? (Please answer Journal entry record depreciation expense at 12/31/20, thanks.) |
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