The journal entry to record the change in depreciation method, ignoring any tax effects. Given Information: Cumulative depreciation would have been $345,000 lower in case of straight-line method. Depreciation expense as per the straight-line method is $30,000.

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Answer 1

Question

Chapter 21, Problem 21.9BE

To determine

To Prepare: The journal entry to record the change in depreciation method, ignoring any tax effects.

Given Information:

Cumulative depreciation would have been $345,000 lower in case of straight-line method.

Depreciation expense as per the straight-line method is $30,000.

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On December 31, 2018, Blackpink Company, a financing institution lent ₱15,000,000 to YG Corp. due 3 years after. The loan is supported by an 12% note receivable. Based on the company’s initial estimates the present value of the 12 months expected credit loss (ECL) discounted at 10% is at 2,000,000. The probability of default (PD) is at 7%. Blackpink Company was able to collect interest as it became due at the end of 2019. There was no evidence of significant increase in credit risk by the end 2019 and that the receivable is determined to have “low credit risk”. There were no changes in its initial estimate of the 12 months expected credit loss either. By the end of 2020, Blackpink Company was able to collect interest as it became due. Based on available forward-looking information (determinable without undue cost or effort), however, there is evidence that there was a significant increase in credit risk by the end of 2020. Blackpink Company therefore had to change its basis…

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Answer 2

Question

Chapter 21, Problem 21.9BE

To determine

To Prepare: The journal entry to record the change in depreciation method, ignoring any tax effects.

Given Information:

Cumulative depreciation would have been $345,000 lower in case of straight-line method.

Depreciation expense as per the straight-line method is $30,000.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 21, Problem 21.9BE

To determine

To Prepare: The journal entry to record the change in depreciation method, ignoring any tax effects.

Given Information:

Cumulative depreciation would have been $345,000 lower in case of straight-line method.

Depreciation expense as per the straight-line method is $30,000.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 21, Problem 21.9BE

To determine

To Prepare: The journal entry to record the change in depreciation method, ignoring any tax effects.

Given Information:

Cumulative depreciation would have been $345,000 lower in case of straight-line method.

Depreciation expense as per the straight-line method is $30,000.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 21, Problem 21.9BE

To determine

To Prepare: The journal entry to record the change in depreciation method, ignoring any tax effects.

Given Information:

Cumulative depreciation would have been $345,000 lower in case of straight-line method.

Depreciation expense as per the straight-line method is $30,000.

Answer 6

Chapter 21, Problem 21.9BE

To determine

To Prepare: The journal entry to record the change in depreciation method, ignoring any tax effects.

Given Information:

Cumulative depreciation would have been $345,000 lower in case of straight-line method.

Depreciation expense as per the straight-line method is $30,000.

Answer 7

Chapter 21, Problem 21.9BE

To determine

To Prepare: The journal entry to record the change in depreciation method, ignoring any tax effects.

Given Information:

Cumulative depreciation would have been $345,000 lower in case of straight-line method.

Depreciation expense as per the straight-line method is $30,000.

Answer 8

Expert Solution & Answer

Answer 9

Expert Solution & Answer

Answer 10

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Answer 11

Ch. 21 - Are accounting changes permitted in financial...Ch. 21 - How do firms report accounting changes under the...Ch. 21 - Prob. 21.3Q Ch. 21 - How do firms account for changes in accounting...Ch. 21 - Prob. 21.5Q Ch. 21 - Prob. 21.6Q Ch. 21 - Prob. 21.7Q Ch. 21 - Prob. 21.8Q Ch. 21 - Do accounting errors that self-correct within two...Ch. 21 - Does a firm need to correct an error that...

The journal entry to record the change in depreciation method, ignoring any tax effects. Given Information: Cumulative depreciation would have been $345,000 lower in case of straight-line method. Depreciation expense as per the straight-line method is $30,000.

Solution Summary: The author explains the journal entry to record the change in depreciation method, ignoring any tax effects.

Concept explainers

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To Prepare: The journal entry to record the change in depreciation method, ignoring any tax effects.

Given Information:

Cumulative depreciation would have been $345,000 lower in case of straight-line method.

Depreciation expense as per the straight-line method is $30,000.

Want to see the full answer?

Chapter 21 Solutions

The journal entry to record the change in depreciation method, ignoring any tax effects. Given Information: Cumulative depreciation would have been $345,000 lower in case of straight-line method. Depreciation expense as per the straight-line method is $30,000.

Solution Summary: The author explains the journal entry to record the change in depreciation method, ignoring any tax effects.

Concept explainers

Videos

To Prepare: The journal entry to record the change in depreciation method, ignoring any tax effects. Given Information: Cumulative depreciation would have been $345,000 lower in case of straight-line method. Depreciation expense as per the straight-line method is $30,000.

Want to see the full answer?

Chapter 21 Solutions

To Prepare: The journal entry to record the change in depreciation method, ignoring any tax effects.

Given Information:

Cumulative depreciation would have been $345,000 lower in case of straight-line method.

Depreciation expense as per the straight-line method is $30,000.