Universal Semiconductors switched from the double-declining-balance depreciation method to straight-line depreciation in 2021.

• The change affects its precision equipment that was purchased at the beginning of 2019 at a cost of $50 million.
• The machinery has an expected useful life of ten years and an estimated residual value of $8 million.

Required:
Prepare the appropriate entry to record depreciation in 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Record the depreciation of precision equipment costing $50 million with an expected useful life of ten years and an estimated residual value of $8 million in 2021.

Answer rating: 100% (QA)

Journal Entry for Depreciation in 2021 Since Universal Semiconductors switched from doubledecliningb... View the full answer