on january 1, 2002, UIC Corporation acquired machinery at a cost of 750,000. UIC adopted the double declining method of depreciation for this machinery and had been recording depreciation over an estimated useful life of ten years, with a residual value of 5,000. At the beginning of 2005, a decision was made to change to the straight line method of depreciation for this machinery. Calculate the cumulative effect of this accounting change, ignoring income tax considerations.

(please help me understand where i would plug in the residual value for this problem. for regular double declining method i know it would be (750,000* 2/10)=150,000 for the first year.

also let me know if i add residual value for the simple line method or if simple line method never includes residual value, thank you)