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posledela
3 years ago
5

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 $2,720,000. Its useful life was estimated to be six years with a $200,000 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
2020 400 379 (21)
$1,200 $1,801 $601

Required:
Prepare any 2021 journal entry related to the change. (If no entry is required for a particular event, select "No journal entry required" in the first account field. Enter your answers in whole dollars.)
Business
1 answer:
prohojiy [21]3 years ago
5 0

Answer: Please see below for answers

Explanation:

Year Straight-Line Declining Balance Difference  (000s)

2018       $400          $853                     $453  

2019        400             569                        169  

2020        400             379                        (21)  

               $1,200        $1,801                    $601

Asset cost =$2,720,000

Accumulated depreciation till 2020= $1,801,000

Book value beginning of 2021=$919,000

Residual value=                         -$200,000

Depreciable value=                    $719,000

Remaining estimated life= 6-3years=3

Annual straight line depreciation=    $719,000 /3 = $239,667

rounded dollar= $240,000

2021 journal entry

Adjusting entry                     Debit                   Credit  

Depreciation expense     $240,000

Accumulated depreciation                               $240,000

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