Solution-Clinton poultry farms has used the declining

Clinton poultry farms has used the declining balance method

Reference no: EM13997533

For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2008 for $2,560,000. Its useful life was estimated to be six years with a $160,000 residual value. At the beginning of 2011, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows ($ in 000s):

Required:

1. Briefly describe the way Clinton should report this accounting change in the 2010-2011 comparative financial statements.

2. Prepare any 2011 journal entry related to the change.

Reference no: EM13997533

Questions Cloud

Alteran decided to change to the straight line depreciation : The residual value is expected to be $300,000. At the beginning of 2011, Alteran decided to change to the straight-line depreciation method for this machine.

How close to each other could two stars : A telescope on earth uses a circular mirror of diameter 10 m (that is the aperture diameter). how close to each other could two stars, that are 20 light years away from the earth, be in order for the telescope to resolve them using a wavelength of..

How much charge is on the plates : An air-gap 75 mF capacitor has plates separated by 14 mm with an electric field between them of 5.6x105 V/m. How much charge is on the plates?

Calculate the capacitance of the device : Calculate the capacitance of the device. What potential difference between the spheres results in a 4.00 µC charge on the capacitor?

Clinton poultry farms has used the declining balance method : Briefly describe the way Clinton should report this accounting change in the 2010-2011 comparative financial statements.

How much energy is stored then in the capacitor : How much energy, in Joules, is stored then in the capacitor? What if we fill the space between the plates with nylon whose dielectric constant ∈ is 5.8 , what would be the new capacitance in pF?

What journal entry will pke use to correct the error : Straight-line depreciation is used by PKE. Ignoring income taxes, what journal entry will PKE use to correct the error?

Who the members are in the walden learning community : Reflect on who the members are in the Walden learning community. What makes it a learning community? What are the roles of the various members of the community? How do they relate to one another? Include yourself in your thinking

Draw a free body diagram of the ball tied underwater : Draw a free body diagram of the ball tied underwater. What is the string tension T in terms of V,m,p, and any constants?

User Account

All Pages

Clinton poultry farms has used the declining balance method

Reference no: EM13997533

Reference no: EM13997533

Questions Cloud

Reviews

Write a Review

Accounting Basics Questions & Answers

How much control does fed have over this longer real rate

Coures:- fundamental accounting principles

Accounting problems

Theory of interest - term structure of interest rates

Write a report on internal controls

Prepare the bank reconciliation for company

Cost-benefit analysis

Theory of interest

Liquidity and profitability

What is the expected risk premium on the portfolio

Simple interest and compound interest

Capm and venture capital

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT