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Perry & Company bought equipment for $200,000 on June 1st, 2022.The equipment has a useful...

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Accounting

    • Perry & Company bought equipment for $200,000 on June 1st, 2022.
    • The equipment has a useful life of 5 years with no salvage value.
    • Perry & Company initially used the double-declining balance method for depreciation.
    • However, starting from the fiscal year ending December 31st, 2023, they decided to switch to the straight-line method.
    • Discuss whether this change in depreciation method violates the consistency principle and explain any necessary adjustments.

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