On January 1, 2016, Nobel Corporation acquired machinery at a cost of $1,600,000.

Nobel adopted the straight-line method of depreciation for this machine and had been recording depreciation over an estimated life of ten years, with no residual value. At the beginning of 2019, a decision was made to change to the double-declining balance method of depreciation for this machine.

7. Assuming a 30% tax rate, the cumulative effect of this accounting change on beginning retained earnings, is $??

On January 1, 2016, Nobel Corporation acquired machinery at a cost of $1,600,000. Nobel adopted the straight-line method of depreciation for this machine and had been recording depreciation over an estimated life of ten years, with no residual value. At the beginning of 2019, a decision was made to change to the double-declining balance method of depreciation for this machine.

8. . The amount that Nobel should record as depreciation expense for 2019 is $??

EXACT AMOUNT - DON'T ROUND

Equipment was purchased at the beginning of 2016 for $1,700,000. At the time of its purchase, the equipment was estimated to have a useful life of six years and a salvage value of $200,000. The equipment was depreciated using the straight-line method of depreciation through 2018. At the beginning of 2019, the estimate of useful life was revised to a total life of ten years (from the beginning Jan 1, 2016) and the expected salvage value was changed to $50,000.

9. The amount to be recorded for depreciation for 2019, reflecting these changes in estimates, is $??

EXACT AMOUNT - DON'T ROUND

On January 1, 2016, Lake Co. 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 January 1, 2019, Lake 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 2019 to reflect these additional data.

10. The accumulated depreciation for this machine should have a balance at December 31, 2019 of $??

On January 1, 2016, Neal Corporation acquired equipment at a cost of $840,000. Neal adopted the sum-of-the-years'-digits method of depreciation for this equipment and had been recording depreciation over an estimated life of eight years, with no residual value. At the beginning of 2019, a decision was made to change to the straight-line method of depreciation for this equipment. No change in total estimated life of 8 years

total (from Jan 1, 2016 to Dec 31, 2023)

11. The depreciation expense for 2019 would be $??