Business, 05.05.2020 04:01, Galaxystyx

Teal Company changed depreciation methods in 2020 from double-declining-balance to straight-line. Depreciation prior to 2020 under double-declining-balance was $87,900, whereas straight-line depreciation prior to 2020 would have been $54,900. Teal’s depreciable assets had a cost of $241,300 with a $43,800 salvage value, and an 8-year remaining useful life at the beginning of 2020. Prepare the 2020 journal entry related to Teal’s depreciable assets (equipment).

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Teal Company changed depreciation methods in 2020 from double-declining-balance to straight-line. De...