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please complete all requirements and do not round during the the solving process. this is info from the prior question. please help, thank you! At
please complete all requirements and do not round during the the solving process.
this is info from the prior question. please help, thank you!
At the beginning of 2024. Wagner Implements undertook a variety of changes in accounting methods, corrected several errors, and instituted new accounting policies. Requlred: Identify for each item below the type of change and the reporting approach Wagner would use. During 2022 and 2023. Faulkner Manufacturing used the sum-of-the-years-digits (SYD) method of depreciation for its depreciable assets, for both financial reporting and tax purposes. At the beginning of 2024, Faulkner decided to change to the straight-fine methoc for both financial reporting and tax purposes. A tax rate of 25% is in effect for all years. For an asset that cost $21,000 with an estimated residual value of $1,000 and an estimated useful life of 10 years, the depreciation under different methods is as follows: Required: 1. Prepare the journat entry that Faulkner will record in 2024 related to the change. 2. Suppose instead that Faulknet previously used straight-line depreciation and changed to sum-of the-years'- digits in 2024 . Prepare the journal entry that Faulkner will record in 2024 related to the change. Answer is complete and correct. Complete this question by entering your answers in the tabs below. Prepare the joumal entry that Faulkner will record in 2024 related to the change. Note: If no entry lis required lor a transactionvevent, select "No foumal entry required" in the first account fold. Round your finat answers to nearest whote dollar. During 2022 and 2023. Faulkner Mantifacturing used the sum-of-the-years'digits (SYD) method of depreciation for its depreciable assets, for both financial reporting and tax purposes. At the beginning of 2024. Faulkner decided to change to the straight-line method for both financial reporting and tax purposes. A tax rate of 25% is in effect for all years For an asset that cost $21,000 with an estimated residual value of $1,000 and an estimated useful life of 10 years, the depreciation under different methods is as follows: Required: 1. Prepare the joumal entry that Faulkner will record in 2024 related to the change. 2. Suppose instead that Faulkner previously used straight-line depreciation and changed to sum-of-the-years-digits in 2024. Prepare the journal entry that Faulkner will record in 2024 related to the change Answer is complete and correct. Complete this question by entering your answers in the tabs beiow. Suppose inetead that Faulkner prevlousiy used straight-line depreciation and changed to sum of the years'- digits in 2024. prepare the journal entry that faulkner will record in 2024 related to the change. Note: it no entry is requ red for a transaction/event, select "No foumal entry required" in the firat account feld. Do not round intermediate calculitions, Round your final answers to nearest whole doldar Step by Step Solution
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