For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2018 for $2,800,000. Its useful life was estimated to be six years with a $220,000 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: Year 2018 2019 2020 Straight-Line $ 430 430 430 $1,290 ($ in thousands) Declining Balance $ 933 622 415 $1,970 Difference $503 192 (15) $680 Required: 2. Prepare any 2021 Journal entry related to the change. (Enter your answers in dollars. If no entry is required for a transaction/event, select "No Journal entry required" In the first account fleld.)

A company purchased a piece of equipment for $30,000 on May 1, 2019. Management estimates a salvage value of $4,500, a useful life of four years and estimated production output of 15,000 units.  It produced 3,000 units in 2019. Where applicable, it applies the half‐year rule.  What is depreciation expense for 2019 using the straight line method (rounded to nearest dollar)? $3,188 $5,100 $6,375 $7,500

Howarth Manufacturing Company purchased equipment on June 30, 2020, at a cost of $170,000. The residual value of the equipment was estimated to be $20,000 at the end of a five-year life. The equipment was sold on March 31, 2024, for $54,000. Howarth uses the straight-line depreciation method for all of its plant and equipment. Partial-year depreciation is calculated based on the number of months the asset is in service. Required: 1. Prepare the journal entry to record the sale. 2. Assuming that Howarth had instead used the double-declining-balance method, prepare the journal entry to record the sale. + Complete this question by entering your answers in the tabs below. Required 1 No Prepare the journal entry to record the sale. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. General Journal 1 Required 2 No Event 1 1 Required 1 Required 2 Answer is not complete. 10 Event 1 Cash Accumulated depreciation-equipment Loss…

Crane uses the diminishing-balance method at one times the straight-line depreciation rate. Crane Limited purchased delivery equipment on March 1, 2019, for $135,000 cash. At that time, the equipment was estimated to have a useful life of five years and a residual value of $10,090. The equipment was disposed of on November 30, 2021. Crane uses the diminishing-balance method at one times the straight-line depreciation rate, has an August 31 year end, and makes adjusting entries annually. Record the acquisition of equipment on March 1, 2019. List all debit entries before credit entries Date Account Titles and Explanation Debit Credit Mar. 1

On January 1, 2019, Nobel Corporation acquired machinery at a cost of P600,000. Nobel adopted the straight-line method of depreciation for this machine and had been recording depreciation over an estimated life of ten years, with no residual value. At the beginning of 2022, a decision was made to change to the double-declining balance method of depreciation for this machine. The amount that Nobel should record as depreciation expense for 2012 is А) Р120,000. в) Р60,000. (c) none of the above. P84,000.

Tasty Subs acquired a delivery truck on October 1, 2021, for $21,600. The company estimates a residual value of $1,200 and a six-year service life. Required: Calculate depreciation expense using the straight-line method for 2021 and 2022, assuming a December 31 year-end.

On January 1, 2019, the Morgantown Company ledger shows Equipment $32,000 and Accumulated Depreciation―Equipment $9,000. The depreciation resulted from using the straight-line method with a useful life of 10 years and salvage value of $2,000. On this date, the company concludes that the equipment has a remaining useful life of only 4 years with the same salvage value.Compute the revised annual depreciation.

For financial reporting, Clinton Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2021 for $2,880,000. Its useful life was estimated to be four years, with a $168,000 residual value. At the beginning of 2024, Clinton decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: ($ in thousands) Year Straight Line Declining Balance Difference 2021 $ 678 $ 1,440 $ 762 2022 678 720 42 2023 678 360 (318)   $ 2,034 $ 2,520 $ 486 Required: 2. Prepare any 2024 journal entry related to the change.