The Canliss Milling Company purchased machinery on January 2, 2019, for $930,000. A five-year life was...
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The Canliss Milling Company purchased machinery on January 2, 2019, for $930,000. A five-year life was estimated and no residual value was anticipated. Canliss decided to use the straight-line depreciation method and recorded $186,000 in depreciation in 2019 and 2020. Early in 2021, the company changed its depreciation method to the sum-of-the-years'-digits (SYD) method. Required: 2. Prepare any 2021 journal entry related to the change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet <> Record the adjusting entry for depreciation in 2021. The Canliss Milling Company purchased machinery on January 2, 2019, for $930,000. A five-year life was estimated and no residual value was anticipated. Canliss decided to use the straight-line depreciation method and recorded $186,000 in depreciation in 2019 and 2020. Early in 2021, the company changed its depreciation method to the sum-of-the-years'-digits (SYD) method. Required: 2. Prepare any 2021 journal entry related to the change. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet <> Record the adjusting entry for depreciation in 2021.
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe , Mark Nelson, Wayne Thomas
Posted Date:
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