Question

Alteran Corporation purchased office equipment for $1.5 million at the beginning of 2019. The equipment is...

Alteran Corporation purchased office equipment for $1.5 million at the beginning of 2019. The equipment is being depreciated over a 10-year life using the double-declining-balance method. The residual value is expected to be $300,000. At the beginning of 2021 (two years later), Alteran decided to change to the straight-line depreciation method for this equipment. Required: Prepare the journal entry to record depreciation for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to nearest whole dollars. )

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Alteran Corporation purchased office equipment for $1.4 million at the beginning of 2019. The equipment is...
Alteran Corporation purchased office equipment for $1.4 million at the beginning of 2019. The equipment is being depreciated over a 10-year life using the double-declining-balance method. The residual value is expected to be $600,000. At the beginning of 2021 (two years later), Alteran decided to change to the straight-line depreciation method for this equipment. Required: Prepare the journal entry to record depreciation for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first...
Alteran Corporation purchased office equipment for $2.0 million at the beginning of 2019. The equipment is...
Alteran Corporation purchased office equipment for $2.0 million at the beginning of 2019. The equipment is being depreciated over a 10-year life using the double-declining-balance method. The residual value is expected to be $800,000. At the beginning of 2021 (two years later), Alteran decided to change to the straight-line depreciation method for this equipment. Prepare the journal entry to record depreciation for 2021.
Collins Corporation purchased office equipment at the beginning of 2019 and capitalized a cost of $1,976,000....
Collins Corporation purchased office equipment at the beginning of 2019 and capitalized a cost of $1,976,000. This cost figure included the following expenditures: Purchase price $ 1,830,000 Freight charges 28,000 Installation charges 18,000 Annual maintenance charge 100,000 Total $ 1,976,000 The company estimated an eight-year useful life for the equipment. No residual value is anticipated. The double-declining-balance method was used to determine depreciation expense for 2019 and 2020. In 2021, after the 2020 financial statements were issued, the company decided...
Sanders Company purchased the following on January 1, 2019:    • Office equipment at a cost of...
Sanders Company purchased the following on January 1, 2019:    • Office equipment at a cost of $53,000 with an estimated useful life to the company of three years and a residual value of $15,900. The company uses the double-declining-balance method of depreciation for the equipment. • Factory equipment at an invoice price of $782,000 plus shipping costs of $32,000. The equipment has an estimated useful life of 110,000 hours and no residual value. The company uses the units-of-production method of...
For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment...
For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,560,000. Its useful life was estimated to be six years with a $160,000 residual value. At the beginning of 2021, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: ($ in thousands) Year Straight-Line Declining Balance Difference 2018 $ 400 $ 853 $ 453 2019...
Wardell Company purchased a mainframe on January 1, 2019, at a cost of $58,000. The computer...
Wardell Company purchased a mainframe on January 1, 2019, at a cost of $58,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $16,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $2,200. 2. Prepare the year-end journal entry for depreciation in 2021. Assume that the company uses the sum-of-the-years' -digits method...
For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment...
For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,880,000. Its useful life was estimated to be six years with a $240,000 residual value. At the beginning of 2021, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: ($ in thousands) Year Straight-Line Declining Balance Difference 2018 $ 440 $ 960 $ 520 2019...
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mini...
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mini computer on January 1, 2019, at a cost of $32,350. The computer has been depreciated using the straight-line method over an estimated five-year useful life with an estimated residual value of $3,100. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $930. Required: 1. Prepare the appropriate...
Alteran Corpration purchased office equipment for $2.2 million in 2015. The equipment is being depreciated over...
Alteran Corpration purchased office equipment for $2.2 million in 2015. The equipment is being depreciated over 8 year life using the sum of the years digits method. The residual value is expected to be $700000. At the end of 2018. Alteran decided to change to the straight line depreciation method for this equipment. Prepare the journal entry to record depreciation for 2018
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mainframe...
Required information [The following information applies to the questions displayed below.] Wardell Company purchased a mainframe on January 1, 2019, at a cost of $44,000. The computer was depreciated using the straight-line method over an estimated five-year life with an estimated residual value of $5,000. On January 1, 2021, the estimate of useful life was changed to a total of 10 years, and the estimate of residual value was changed to $800. Required: 1. Prepare the year-end journal entry for...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT
Active Questions
  • In a survey, 11 people were asked how much they spent on their child's last birthday...
    asked 12 minutes ago
  • Discussion 7.1: Practice Critical Thinking How well do you understand this material? Reading the material is...
    asked 13 minutes ago
  • A credit score measures a​ person's creditworthiness. Assume the average credit score for Americans is 709....
    asked 16 minutes ago
  • A Database Administrator (DBA) is play both managerial role and technical role in a modern organization;...
    asked 31 minutes ago
  • The Federal Election Commission collects information about campaign contributions and disbursements for candidates and political committees...
    asked 31 minutes ago
  • In the week before and the week after a​ holiday, there were 10,000 total​ deaths, and...
    asked 34 minutes ago
  • 1. Identify the vertex of the quadratic equation y=2x2+8x-10. using the formula 2. Write the equation...
    asked 49 minutes ago
  • How well do you understand this material? Reading the material is separate than understanding it; further,...
    asked 52 minutes ago
  • Analyze the behavior of capacitors under steady state direct current and high frequency AC current (500...
    asked 52 minutes ago
  • Traffic on the eastbound approach of a signalized intersection is traveling at 48 km/h, with a...
    asked 1 hour ago
  • Students in a chemistry class convince their teacher to use the following "group grading" scenario. Students...
    asked 1 hour ago
  • The letters of the word "REARRANGE" are randomly rearranged. What is the probability that this rearrangement...
    asked 1 hour ago