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Amazon purhcased a machine for $260,000. Amazon estimated the salavage to be $10000. 2 Amazon purhcased the machine on January 1, 2022 Amazon estimates the life of the machine to be 8 years. On January 1st 2024, due to technical advances, Amazon decided that the 4life of asset should be reduced by 2 years and salvage cut in half. 5 h 7 9 10 11 REQUIRED: 1) Prepare the journal entry (if any) to report the accounting change under GAAP 2) Record the annual depreciation for this year

Amazon purhcased a machine for $260,000. Amazon estimated the salavage to be $10000. 2 Amazon purhcased the machine on January 1, 2022 Amazon estimates the life of the machine to be 8 years. On January 1st 2024, due to technical advances, Amazon decided that the 4life of asset should be reduced by 2 years and salvage cut in half. 5 h 7 9 10 11 REQUIRED: 1) Prepare the journal entry (if any) to report the accounting change under GAAP 2) Record the annual depreciation for this year

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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16 G Amazon purhcased a machine for $260,000. Amazon estimated the salavage to be $10000. 2 Amazon purhcased the machine on January 1, 2022 fi Amazon estimates the life of the machine to be 8 years. On January 1st 2024, due to technical advances, Amazon decided that the 4 life of asset should be reduced by 2 years and salvage cut in half. 5 7 19 D 10 H REQUIRED: 1) Prepare the journal entry (if any) to report the accounting change under GAAP 2) Record the annual depreciation for this year
Transcribed Image Text:16 G Amazon purhcased a machine for $260,000. Amazon estimated the salavage to be $10000. 2 Amazon purhcased the machine on January 1, 2022 fi Amazon estimates the life of the machine to be 8 years. On January 1st 2024, due to technical advances, Amazon decided that the 4 life of asset should be reduced by 2 years and salvage cut in half. 5 7 19 D 10 H REQUIRED: 1) Prepare the journal entry (if any) to report the accounting change under GAAP 2) Record the annual depreciation for this year
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