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). View transaction list Journal entry worksheet < 1 Record the depreciation of precision equipment costing $55 million with an expected useful life of ten years and an estimated residual value of $8 million in 2024. Note: Enter debits before credits. Date 2024 General Journal Debit Credit
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). View transaction list Journal entry worksheet < 1 Record the depreciation of precision equipment costing $55 million with an expected useful life of ten years and an estimated residual value of $8 million in 2024. Note: Enter debits before credits. Date 2024 General Journal Debit Credit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Depreciation expense under straight-line depreciation method
VIEWFormula - Depreciation expense under straight-line method
VIEWCalculation of the rate of depreciation under double-declining-balance method
VIEWCalculation of the book value of the equipment at the beginning of 2024
VIEWCalculation of depreciation expense under straight-line method for 2024
VIEWRequired journal entry
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