Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the peridot company purchased machinery on january

The Peridot Company purchased machinery on January 2, 2019, for $880,000. A five-year life was...

90.2K

Verified Solution

Question

Accounting

image

The Peridot Company purchased machinery on January 2, 2019, for $880,000. A five-year life was estimated and no residual value was anticipated. Peridot decided to use the straight-line depreciation method and recorded $176,000 in depreciation in 2019 and 2020. Early in 2021, the company revised the total estimated life of the machinery to eight years. Required: 1. What type of change is this? 2. Is Peridot required to revise prior years' financial statements as a result of the change? 3. Is Peridot required to provide a disclosure note to report the change? 4. Determine depreciation for 2021. 1. Type of change 2 Is Peridot required to revise prior years' financial statements? 3. Is Peridot required to provide a disclosure note to report the change? 4. New annual depreciation Change in accounting estimate No Yes

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: Zin AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

on the pulley in the upward di A block of mass m placed on a...

Physics
Q

A pendulum bob of mass m carrying a charge is at rest with its string...

Physics
Q

How many flowers spaced every 6 inches are needed to surround a circular garden with...

Basic Math
Q

CoffeeStop primarily sells coffee It recently introduced a premium coffee flavored liquor BF Liquor Suppose...

Basic Math
Q

Use the parent function f x b and transformation techniques to graph h x 4...

Calculus
Q

Write an equation for the function graphed below 7 6 5 y 2 a

Algebra
Q

Simplify. (Assume all variables are nonnegative.) (3?2x - ?3x) - (?2x - 7?3x)Provide your answer...

Algebra
Q

following question Click here to watch the video Simplify the expression using Method I d...

Algebra
Q

The following information is available for the Noir Detective Agency. After closing entries are posted,...

Accounting
Q

On January 1,2020, Ayayai Corporation issued $5,180,000 of 10% bonds at 102 due December 31,2029....

Accounting
Q

QUESTION 2 (25 Marks) INFORMATION The following information relates to two projects under consideration by...

Accounting
Q

2 Samsung's management did a good job of handling the damage control from the fallout...

Accounting