Business, 29.05.2021 19:30, anonymous12443535
For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,560,000. Its useful life was estimated to be six years with a $160,000 residual value. At the beginning of 2021, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows:
Year Straight-Line Declining Balance Difference
2018 $400 $853 $453
2019 400 569 169
2021 400 379 (21)
$1,200 $1,801 $601
Required:
Prepare any 2018 journal entry related to the change?
Answers: 1
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For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation...
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