Decided to change to the sum-of-the-years’-digits method

Assignment Help Financial Accounting

Reference no: EM13744922

Irwin, Inc., constructed a machine at a total cost of $35 million. Construction was completed at the end of 2009 and the machine was placed in service at the beginning of 2010. The machine was being depreciated over a 10-year life using the straight-line method. The residual value is expected to be $3 million. At the beginning of 2013, Irwin decided to change to the sum-of-the-years’-digits method. Ignoring income taxes, prepare the journal entry to record relating to the machine for 2013.

Reference no: EM13744922

Questions Cloud

Counsel on potential expansion of business activity plans : Perez, CPA, has been asked by a nonpublic company audit entity to perform a nonrecurring engagement involving implementing an IT information and control system. The entity requests that, in setting up the new system and during the period prior to con..

Total endemic species for plants and mammals : Species: Diversity and Endemism Table: Total Endemic Species for Plants, Mammals, Birds, Reptile, Amphibian and Fish

What was the nature of the resistance : What was the nature of the resistance? How do you think that resistance within Denmark may have been different from resistance in other nations? Explain. What was your overall reaction to the article?

Write an essay on beethoven art and protest : Beethoven; Art and Protest in the 1800s Please respond to the following, using sources under the Explore heading as the basis of your response.

Decided to change to the sum-of-the-years’-digits method : Irwin, Inc., constructed a machine at a total cost of $35 million. Construction was completed at the end of 2009 and the machine was placed in service at the beginning of 2010. The machine was being depreciated over a 10-year life using the straight-..

What are the benefits of the international internship : What best practices do you recommend for leading a virtual cross-cultural team. What is the difference between leading a U.S.-based virtual cross-cultural team and a global virtual cross-cultural team.

How many chromosomes are in each phase of mejosis : If 2n=6 then how many chromosomes are in each phase of mejosis

Method of valuing inventory from the average cost : In 2013, Adonis Industries changed its method of valuing inventory from the average cost method to the FIFO method. At December 31, 2012, Adonis’s inventories were $48.4 million (average cost).

Describe and analyze different approaches to gangs : Describe and analyze different approaches to gangs and analyze the conditions under which a specific policy or program might be most effective, and the resources required.

User Account

All Pages