Business, 25.11.2021 07:30, Josephzaz

Babcock Company purchased a piece of machinery for $16,500 on January 1, 2019, and has been depreciating the machine using the sum-of-the-years'-digits method based on a five-year estimated useful life and no salvage value. On January 1, 2021, Babcock decided to switch to the straight-line method of depreciation. The salvage value is still zero and the estimated useful life is changed to a total of six years from the date of purchase. Ignore income taxes. Required:
1. Prepare the appropriate journal entry, if any, to record the accounting change under GAAP.
2. Prepare the journal entry to record depreciation for 2021.
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Required 1 Required 2
Prepare the journal entry to record depreciation for 2021. (If no entry is required for a transaction/event, select "No journal required" in the first account field.)
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Journal entry worksheet
< 1
Record the depreciation for 2021.
Note: Enter debits before credits.
Date General Journal Debit Credit
December 31, 2021
Record entry Clear entry View general journal

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Babcock Company purchased a piece of machinery for $16,500 on January 1, 2019, and has been deprecia...