For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2015 for $2,848,000. Its useful life was estimated to be six years with a $232,000 residual value. At the beginning of 2018, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows ($ in 000s): Year Straight-Line Declining Balance Difference
2013 $438 $954 $516
2014 438 636 198
2015 438 425 (13)
$1,314 $2,015 $701

Required:
Prepare any 2016 journal entry related to the change.

Answer and Explanation:

The journal entry is given below:

But before that the depreciation expense is

Cost of the asset $2,848,000

Less: accumulate depreciation -$2,015,000

Non-depreciable cost $833,000

Less: residual value -$232,000

Remaining value $601,000

Divided by 3 years

Depreciation expense $200,333.33

Now the journal entry is

Depreciation expense Dr $200,333.33

        To Accumulated depreciation $200,333.33

(Being deprecation expense is recorded)

Here the depreciation expense is debited as it increased the asset and credited the accumulated depreciation as it decreased the asset

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