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 account field. Do not
round intermediate calculations. Enter your answers in whole
dollars.)
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