For financial reporting, Kumas Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2021 for $2,800,000. Its useful life was estimated to be six years with a $220,000 residual value. At the beginning of 2024, Kumas decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: Year 2821 2822 2823 ($ in thousands) Declining Straight- Line Balance $933 $ 430 430 622 430 415 $ 1,290 $ 1,970 View transaction list Required: 2. Prepare any 2024 Journal entry related to the change. Note: Enter you answers rounded to the nearest dollar. If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Journal entry worksheet Difference $ 503 192 (15) Note: Enter debits before credits. Record the adjusting entry for depreciation in 2024. Event 1 $ 680 Record entry General Journal Clear entry Debit Credit View general Journal

For financial reporting, Kumas Poultry Farms has used the declining-balance method of depreciation for conveyor equipment acquired at the beginning of 2021 for $2,800,000. Its useful life was estimated to be six years with a $220,000 residual value. At the beginning of 2024, Kumas decides to change to the straight-line method. The effect of this change on depreciation for each year is as follows: Year 2821 2822 2823 ($ in thousands) Declining Straight- Line Balance $933 $ 430 430 622 430 415 $ 1,290 $ 1,970 View transaction list Required: 2. Prepare any 2024 Journal entry related to the change. Note: Enter you answers rounded to the nearest dollar. If no entry is required for a transaction/event, select "No Journal entry required" In the first account field. Journal entry worksheet Difference $ 503 192 (15) Note: Enter debits before credits. Record the adjusting entry for depreciation in 2024. Event 1 $ 680 Record entry General Journal Clear entry Debit Credit View general Journal

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Description: Note:-Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism.Answer completely.You will get up vote for sure. For financial reporting, Kumas Poultry Farms has used the declining-balance method of de

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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