Cullumber Company changed depreciation methods in 2017 from double-declining-balance to straight-line. Depreciation prior to 2017 under double-declining-balance
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Cullumber Company changed depreciation methods in 2017 from double-declining-balance to straight-line. Depreciation prior to 2017 under double-declining-balance was $86,500, whereas straight-line depreciation prior to 2017 would have been $52,300. Cullumber’s depreciable assets had a cost of $260,200 with a $42,500 salvage value, and an 8-year remaining useful life at the beginning of 2017.
Prepare the 2017 journal entry related to Cullumber’s depreciable assets (Equipment).
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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