Reference no: EM133134869
Question - Accounting Changes - Bragg Creek Corporation (BCC), a widely held, diversified holding company, with a December 31, year end, is wrapping up its financial year ended December 31, 2015. There are a number of issues that need to be addressed before finalization of the accounts.
Issue - BCC changed the total useful life of a significant asset which it had purchased on January 1, 2011 from 20 years to 14 years which is amortized on a straight line basis. The cost of the asset was $350,000 with an expected salvage value of $50,000 at the time of acquisition. Concurrent with the revision of useful life, the expected salvage value was reduced to $21,000. The preliminary 2015 net income was prepared on the basis of the original acquisition data and assumptions.
Required -
1. Prepare required entry(ies), if any, to adjust 1) the beginning of year financial position, if so required and 2) current year preliminary net income, for reach of the above issues. Show all supporting computations for any entries as well as any analysis supporting comparative restatement figures.
2. Present, in good form, the revised Statement of Retained Earnings for the years ended December 31, 2015 and 2014.
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