Canliss milling company purchased machinery on january 2

Reference no: EM13601657

Canliss Milling Company purchased machinery on January 2, 2009, for $710,000. A 4-year life was estimated and no residual value was anticipated. Canliss decided to use the double-declining balance method and recorded depreciation of $355,000 in 2009 and $177,500 in 2010. Early in 2011, the company changed its depreciation method to the straight-line method.

Required:
(1) What type of accounting change is this?

(2) Prepare any 2011 journal entry related to the change. (Round your answers to the nearest dollar
General Journal Debit Credit

Reference no: EM13601657

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