User Account

All Pages

Prepare the journal entry to record depreciation for 2021

Assignment Help Accounting Basics
Reference no: EM133198115

A Company purchased a piece of machinery for $60,000 on January 1, 2019 and has been depreciating the machine using the double-declining-balance method based on a five-year estimated useful life and $10,000 salvage value. On January 1, 2021, A Company decided to switch to the straight-line method of depreciation. The salvage value is still $10,000 and the estimated useful life did not change. Ignore income taxes.

Required: (show the computing process and precise journal entries)

(1) Prepare the appropriate journal entry, if any, to record the accounting change.

(2) Prepare the journal entry to record depreciation for 2021.

Reference no: EM133198115

Questions Cloud

What are three take-a-ways from this course : Select one emerging trend in the healthcare technology. What are three take-a-ways from this course that you could use to implement this trend
Compare and contrast the various costing systems : Costing System: Justify the use of job order costing for this business. Be sure to compare and contrast the various costing systems you learned about in this co
Describe the components of their sales approach : Describe the components of their sales approach. Discuss you think their sales plan is effective for a business in that market with that marketing mix.
How global fertility rates and populations are changing : GEOL 101 - Lincoln University - Describe how global fertility rates and populations are changing. What is the idea of "ecological services"? Give an example.
Prepare the journal entry to record depreciation for 2021 : A Company purchased a piece of machinery for $60,000 on January 1, 2019 and has been depreciating the machine using the double-declining-balance method based on
High-quality global accounting standards : Based on the knowledge you learnt from class, you are required to critically discuss:
Case Study - Should a Computer Grade Your Essays : Case Study 1 - Should a Computer Grade Your Essays? What are the benefits of automated essay grading? What are the drawbacks
What are your thoughts around data use transparency : Is the trade off of collecting and using customer data balanced? What are your thoughts around data use transparency? Should businesses be more transparent?
Describe three main categories of market entry strategies : What variables need to beconsideredwhile developing a list of potential countries? Describe the three main categories of market entry strategies.

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd