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Kardashian Ltd. purchased a building in Oshawa in 20X5 for $1,500,000. Straight line depreciation was used, with a useful life of 40 years and a residual value of $300,000. A full year of depreciation was charged in 20X5, In 20X8, the company decided to switch the depreciation method to declining balance, using a rate of 10%.
The tax rate is 25%.
Required:
Problem (a) Assuming that this is a change in estimate, calculate the 20X8 depreciation expense.
Problem (b) Assuming that this is a change in policy, calculate the 20X8 depreciation expense and the cumulative effect of the change on the 20X8 opening retained earnings.
Problem (c) Under what circumstances would a change in depreciation method be considered a change in estimate?
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