Question: Current Attempt in Progress Bridgeport Company changed depreciation methods in 2020 from double-declining-balance to straight-line. Depreciation prior to 2020 under double-declining balance was $ 95,700,

 Current Attempt in Progress Bridgeport Company changed depreciation methods in 2020

Current Attempt in Progress Bridgeport Company changed depreciation methods in 2020 from double-declining-balance to straight-line. Depreciation prior to 2020 under double-declining balance was $ 95,700, whereas straight-line depreciation prior to 2020 would have been $ 45,500. Bridgeport's depreciable assets had a cost of $ 235,500 with a $ 36,900 salvage value, and an 7-year remaining useful life at the beginning of 2020 Prepare the 2020 journal entry related to Bridgeport's depreciable assets (equipment). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!