For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2021 for $2,880,000. Its useful life was estimated to be four years, with a $168,000 residual value. At the beginning of 2024, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: Year 2021 2022 2023 ($ in thousands) Declining Balance $ 1,440 Straight Line $678 678 678 $ 2,034 720 360 $ 2,520 Difference $ 762 42 (318) $ 486 Required: 2. Prepare any 2024 journal entry related to the change. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars rounded to the nearest whole number.

For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2021 for $2,880,000. Its useful life was estimated to be four years, with a $168,000 residual value. At the beginning of 2024, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: Year 2021 2022 2023 ($ in thousands) Declining Balance $ 1,440 Straight Line $678 678 678 $ 2,034 720 360 $ 2,520 Difference $ 762 42 (318) $ 486 Required: 2. Prepare any 2024 journal entry related to the change. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars rounded to the nearest whole number.

Name: Journal entry worksheet<1Record depreciation expense for 2024.Note: E
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Description: Journal entry worksheet For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equip

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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