Universal Semiconductors switched from the double-declining-balance depreciation method to straight-line depreciation in 2024. • The change affects its precision equipment that was purchased at the beginning of 2022 at a cost of $55 million. • The machinery has an expected useful life of ten years and an estimated residual value of $8 million. Required: Prepare the appropriate entry to record depreciation in 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 to be entered as 5.50). No 1 Date 2024 Answer is complete but not entirely correct. Depreciation expense Equipment General Journal X Debit 3,400,000.00x Credit 3,400,000.00x

Universal Semiconductors switched from the double-declining-balance depreciation method to straight-line depreciation in 2024. • The change affects its precision equipment that was purchased at the beginning of 2022 at a cost of $55 million. • The machinery has an expected useful life of ten years and an estimated residual value of $8 million. Required: Prepare the appropriate entry to record depreciation in 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 to be entered as 5.50). No 1 Date 2024 Answer is complete but not entirely correct. Depreciation expense Equipment General Journal X Debit 3,400,000.00x Credit 3,400,000.00x

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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