Question: Barton Inc changed the method of calculating depreciation on its
Barton Inc. changed the method of calculating depreciation on its equipment from straight-line to double-declining-balance during 2014. The cumulative effect of the change is an additional expense of $46,000 related to prior years. The tax benefit is $13,000. Record the entry on December 31, 2014.
Answer to relevant QuestionsOn May 3, Nicholson Corp. purchased 3,000 of its own shares for $27,000 to be held as treasury shares. On November 4, Nicholson reissued 750 treasury shares for $7,080. Prepare the November 4 journal entry Nicholson should ...On January 1, 2014, Wonsto Mining Corp. had 580,000 common shares issued and outstanding. On April 30, it issued an additional 220,000 shares and on October 1 it repurchased and cancelled 100,000 shares. Calculate Wonsto’s ...The Data Group Inc. had the following balances in its equity accounts at December 31, 2013:Common shares, unlimited shares authorized;200,000 shares issued and ...Haltain Developments Ltd. put an asset in service on January 1, 2012. Its cost was $270,000, its predicted service life was six years, and its expected residual value was $27,000. The company decided to use ...Range Energy Corp.’s financial statements for the current year ended December 31, 2014, have been completed and submitted to you for review. The equity account balances a year ago, at December 31, 2013, are as follows:The ...
Post your question