For financial reporting. Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,672,000. Its useful life was estimated to be six years with a $188,000 residual value. At the beginning of 2021, Clinton decides to the straight-line method. The effect of this change on depreciation for each year is as follows:
For financial reporting. Clinton Poultry Farms has used the declining-balance method of
($ in thousands)_________________________________
Year Straight-Line Declining Balance Difference
2018 $ 414 $ 890 $476
2019 414 594 180
2020 414 396 - 18
$1,242 $1,880 $638
Required:
Prepare any 2021
Journal entry worksheet
Record the
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