Question: Lynch Corporation changes from the sum of the years digits meth
Lynch Corporation changes from the sum-of-the-years'-digits method of depreciation for existing assets to the straight-line method. How should the change be reported? Explain.
Answer to relevant QuestionsSugarbaker Designs, Inc., changed from the FIFO inventory costing method to the average cost method during 2011. Which items from the 2010 financial statements should be restated on the basis of the average cost method when ...The issuance of FASB guidance regarding consolidation of all majority-owned subsidiaries required Ford Motors to include a previously unconsolidated finance subsidiary as part of the reporting entity. How did Ford report the ...In 2011, the Carney Company changed its method of valuing inventory from the FIFO method to the average cost method. At December 31, 2010, Carney's inventories were $32 million (FIFO). Carney's records indicated that the ...When DeSoto Water Works purchased a machine at the end of 2010 at a cost of $65,000, the company debited Buildings and credited Cash $65,000. The error was discovered in 2011. What journal entry will DeSoto use to correct ...The Long Island Construction Company has used the completed contract method of accounting for construction contracts. At the beginning of 2011, the company decides to change to the percentage-of-completion method for ...
Post your question