The Canliss Milling Company purchased machinery on January 2, 2022, for $800,000. A five-year life was estimated
Question:
The Canliss Milling Company purchased machinery on January 2, 2022, for $800,000. A five-year life was estimated and no residual value was anticipated. Canliss decided to use the straight-line depreciation method and recorded $160,000 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:
1. Will Canliss apply the SYD method retrospectively or apply the method prospectively?
2. Prepare any 2024 journal entry related to the change.
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1 Canliss applied the SYD method retrospectively 2 The journal entri...View the full answer
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