Maurice Tutor

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    Argosy University/ Phoniex University/
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Category > Accounting Posted 30 Jul 2017 My Price 7.00

Kathleen Cole Inc.

(Accounting Changes—Depreciation) Kathleen Cole Inc. acquired the following assets in January of 2012.

The equipment has been depreciated using the sum-of-the-years’-digits method for the first 3 years for financial reporting purposes. In 2015, the company decided to change the method of computing depreciation to the straight-line method for the equipment, but no change was made in the estimated service life or salvage value. It was also decided to change the total estimated service life of the building from 30 years to 40 years, with no change in the estimated salvage value. The building is depreciated on the straight-line method.

Instructions

(a) Prepare the general journal entry to record depreciation expense for the equipment in 2015.

(b) Prepare the journal entry to record depreciation expense for the building in 2015. (Round all computations to two decimal places.)

Answers

Maurice Tutor
(5)
Status NEW Posted 30 Jul 2017 01:07 PM My Price 7.00

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