On January 1, 2011, Klinefelter Company purchased a building for $520,000. The building had an estimated life
Question:
a. The company estimates that the building has a remaining life of 10 years (for a total of 16 years).
b. The company changes to the sum-of-the-years’-digits method.
c. The company discovers that it had ignored the estimated residual value in the computation of the annual depreciation each year.
Required:
For each of the independent situations, prepare all journal entries related to the building for 2017. Ignore income taxes.
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Related Book For
Intermediate Accounting Reporting and Analysis
ISBN: 978-1285453828
2nd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach
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