Dog For financial reporting. Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquiredat the beginning of 2018 for $2,608.000. Its useful life was estimated to be six years with a $172,000 residual value. At the beginningof 2021, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows:Year201820192828Straight-Line$ 406406406$1,218View transaction list1($ in thousands)Declining BalanceRequired:2. Prepare any 2021 journal entry related to the change. (Enter your answers in dollars. If no entry is required for atransaction/event, select "No Journal entry required" In the first account field.)Journal entry worksheet$ 869579387$1,835Note: Enter debits before credits.Event1Record the adjusting entry for depreciation in 2021.Record entryDifference$463173(19)General JournalClear entry$617DebitCreditView general journal

Name: Dog For financial reporting. Clinton Poultry Farms has used the declin
Uploaded: 2024-03-05T11:50:36.000Z
Channel: Bartleby
Description: Dog For financial reporting. Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquiredat the beginning of 2018 for $2,608.000. Its useful life was estimated to be six years with a $172,000 residual va