The Canliss Milling Company purchased machinery on January 2, 2016, for $840,000. A five-year life was estimated and no residual value was anticipated. Canliss decided to use the straight-line depreciation method and recorded $168,000 in depreciation in 2016 and 2017. Early in 2018, the company changed its depreciation method to the sum-of-the-years’-digits (SYD) method.   Required: 2. Prepare any 2018 journal entry related to the change.

FINANCIAL ACCOUNTING
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ISBN:9781259964947
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Chapter1: Financial Statements And Business Decisions
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The Canliss Milling Company purchased machinery on January 2, 2016, for $840,000. A five-year life was estimated and no residual value was anticipated. Canliss decided to use the straight-line depreciation method and recorded $168,000 in depreciation in 2016 and 2017. Early in 2018, the company changed its depreciation method to the sum-of-the-years’-digits (SYD) method.
 
Required:
2. Prepare any 2018 journal entry related to the change.

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