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NeTakaya
3 years ago
14

For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acqu

ired at the beginning of 2018 for $3,250,000. Its useful life was estimated to be five years, with a $255,000 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 2010 $ 400 $ 853 $ 453 2011 400 569 169 2012 400 379 (21) $ 1,200 $ 1,801 $ 601 Required:Prepare any 2013 journal entry related to the change.
Business
1 answer:
Karolina [17]3 years ago
3 0

Answer and Explanation:

The journal entry is shown below:

Depreciation expense Dr $398,000

          To Accumulated depreciation $398,000

(Being the depreciation expense is recorded)

For recording this we debited the depreciation expense as it increased the expenses and credited the accumulated depreciation as it decreased the value of the assets

The computation of the depreciation expense is as follows

Cost of the asset               $3,250,000

Less: accumulated

depreciation till date       ($1,801,000)

Undepreciation cost        $1,449,000

Less:

Estimated residual value  ($255,000)

Value for remaining

3 years                               $1,194,000

Divided by 3 years              ÷ 3

Depreciation expense      $398,000

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Answer:

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2022

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31 Dec Provision for bad debts adjustment $180 Credit provision for bad debt $180

Explanation:

2021

provision for bad debts beginning = $0

adjustment                                       = $6930

closing (15400 *0.45)                      =$6930

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2022

Provision for bad debts opening $6930

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8 0
2 years ago
A firm producing good Y recently increased monthly production from​ 1,500 units to​ 2,000 units. This had no impact on the marke
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Answer:

A. At the current level of​ production, the firm is making a profit of​ $3,000.

Explanation:

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Units produced at second scenario 2000

$3.5 average cost

$4 marginal cost

$5 marginal revenue x 2000 units=$10.000

(-) $3.5 x 2000 units                        =$7.000

_____________________________________

Profit                                                  =$3000

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Answer:

A. Safety engineers

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Answer:

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Answer:

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