Pharoah Company changed depreciation methods in 2025 from double-declining-balance to straight-line. Depreciation prior to 2025 under double-declining-balance was $93,000, whereas straight-line depreciation prior to 2025 would have been $48,500. Pharoah's depreciable assets (equipment) had a cost of $273,600 with a $41.100 salvage value, and an 9-year remaining useful life at the beginning of 2025. Prepare the 2025 journal entry, if any, related to Pharoah's depreciable assets. (Credit account titles are automatically indented when the 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. List debit entry before credit entry) Account Titles and Explanation Debit Credit

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter22: Accounting For Changes And Errors.
Section: Chapter Questions
Problem 7RE: Bliss Company owns an asset with an estimated life of 15 years and an estimated residual value of...
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Pharoah Company changed depreciation methods in 2025 from double-declining-balance to straight-line. Depreciation prior to 2025
under double-declining-balance was $93,000, whereas straight-line depreciation prior to 2025 would have been $48,500. Pharoah's
depreciable assets (equipment) had a cost of $273,600 with a $41.100 salvage value, and an 9-year remaining useful life at the
beginning of 2025.
Prepare the 2025 journal entry, if any, related to Pharoah's depreciable assets. (Credit account titles are automatically indented when the
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. List debit
entry before credit entry)
Account Titles and Explanation
Debit
Credit
Transcribed Image Text:Pharoah Company changed depreciation methods in 2025 from double-declining-balance to straight-line. Depreciation prior to 2025 under double-declining-balance was $93,000, whereas straight-line depreciation prior to 2025 would have been $48,500. Pharoah's depreciable assets (equipment) had a cost of $273,600 with a $41.100 salvage value, and an 9-year remaining useful life at the beginning of 2025. Prepare the 2025 journal entry, if any, related to Pharoah's depreciable assets. (Credit account titles are automatically indented when the 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. List debit entry before credit entry) Account Titles and Explanation Debit Credit
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