Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Management Posted 04 Dec 2017 My Price 7.00

Clinton Poultry Farms

Change in depreciation methods

For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2013 for $2,560,000. Its useful life was estimated to be six years with a $160,000 residual value. At the beginning of 2016, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows ($ in 000s):

Required:

1. Briefly describe the way Clinton should report this accounting change in the 2015–2016 comparative financial statements.

2. Prepare any 2016 journal entry related to the change.

Answers

Maurice Tutor
(5)
Status NEW Posted 04 Dec 2017 08:12 PM My Price 7.00

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