The Canliss Milling Company purchased machinery on January 2, 2022, for $970,000. A five-year life...
80.2K
Verified Solution
Link Copied!
Question
Accounting
The Canliss Milling Company purchased machinery on January 2, 2022, for $970,000. A five-year life was estimated and no residual value was anticipated. Canliss decided to use the straight-line depreciation method and recorded $194,000 in depreciation in 2022 and 2023. Early in 2024, the company changed its depreciation method to the sum-of-the-years-digits (SYD) method.
Required:
Prepare any 2024 journal entry related to the change.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
