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depreciation

depreciation

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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QC 01.

Current Attempt in Progress Windsor Company changed depreciation methods in 2020 from double-declining-balance to straight-line. Depreciation prior to 2020 under double-declining-balance was $92,400, whereas straight-line depreciation prior to 2020 would have been $53,600. Windsor's depreciable assets had a cost of $266,600 with a $36,500 salvage value, and an 9-year remaining useful life at the beginning of 2020. Prepare the 2020 journal entry related to Windsor's depreciable assets (equipment). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
Transcribed Image Text:Current Attempt in Progress Windsor Company changed depreciation methods in 2020 from double-declining-balance to straight-line. Depreciation prior to 2020 under double-declining-balance was $92,400, whereas straight-line depreciation prior to 2020 would have been $53,600. Windsor's depreciable assets had a cost of $266,600 with a $36,500 salvage value, and an 9-year remaining useful life at the beginning of 2020. Prepare the 2020 journal entry related to Windsor's depreciable assets (equipment). (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit
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