kau.3 answer must be in table format or i will give down vote Gonzaga Company has used the double-declining-balance method for depreciation since it started business in 2014. At the beginning of 2018, the company decided to change to the straight-line method. Depreciation as reported and what it would have been reported if the company had always used straight-line is listed below: Straight- Year LIne DDB 2014 32,000 64,000 2015 35,000 50,000 2016 39,000 58,000 2017 39,000 48,000 Required: What journal entry, if any, should Gonzaga make to record the effect of the accounting change (ignore income taxes)? Explain.

kau.3 answer must be in table format or i will give down vote Gonzaga Company has used the double-declining-balance method for depreciation since it started business in 2014. At the beginning of 2018, the company decided to change to the straight-line method. Depreciation as reported and what it would have been reported if the company had always used straight-line is listed below: Straight- Year LIne DDB 2014 32,000 64,000 2015 35,000 50,000 2016 39,000 58,000 2017 39,000 48,000 Required: What journal entry, if any, should Gonzaga make to record the effect of the accounting change (ignore income taxes)? Explain.

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 47P

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A elearning.act.edu.om Muscat LLC purchased a machine on 1st January, 2019 for OMR 250,000. The rate of depreciation is 20% p.a. under straight line method. Replacement Cost of the machine on 31st December,2019 was OMR 350,000 and on 31st December, 2020 was OMR 500,000. The company wishes to follow Current Cost Accounting rather than the Historical Cost Accounting. a. What is the amount of Depreciation Adjustment? b. What is the amount of Additional Depreciation? C. What is the amount of Back Log Depreciation?
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The Peridot Company purchased machinery on January 2, 2016, for $800,000. A five-year life was estimatedand no residual value was anticipated. Peridot decided to use the straight-line depreciation method and recorded$160,000 in depreciation in 2016 and 2017. Early in 2018, the company revised the total estimated life of themachinery to eight years.Required:1. What type of change is this?2. Briefly describe the accounting treatment for this change.3. Determine depreciation for 2018.
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