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Compute depreciation expense on the equipment

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Reference no: EM133104200

Question - Sunlight Company purchased an equipment and a building on January 1, 2015, The following are costs, useful lives and residual value for each of building and equipment.

The building has been depreciated under the straight-line method through 2019. In 2020, the company decided to shift to the double-declining balance method of depreciation for the building due to some rational reasons. Sunlight also changed the total useful life of the equipment to 8 years only, with a residual value of RM25,000 at the end of that time. The machinery is depreciated using the straight-line method.

REQUIRED -

(a) Prepare the journal entry necessary to record the depreciation expense on the building in 2020?

(b) Compute depreciation expense on the equipment for 2020?

Reference no: EM133104200

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