Hadley Zavis Inc. started its unicycle manufacturing business in 2020 and acquired $600,000 of equipment at the beginning of 2020. It decided to use the double-declining balance (DDB) depreciation on its equipment with no residual value and a 10-year useful life. In 2022 it changed to the straight-line depreciation method. Depreciation computed for 2020-2021 is presented below:   Year DDB 2020 $120,000 2021 96,000     In 2022, what would Harley Davis report for depreciation expense?

For financial reporting, Kumas Poultry Farms has used the declining-balance method of depreciation for conveyer. equipment acquired at the beginning of 2021 for $2,560,000. Its useful life was estimated to be six years with a $160,000 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 2021 2022 2023 Straight-Line $ 400 400 400 $ 1,200 View transaction list ($ in thousands) Declining Balance $ 853 569 379 $ 1,801 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 1 Difference. $ 453 169 (21) $ 601 Record the adjusting entry for depreciation in 2024. Note: Enter debits before credits.

Vaughn Company changed depreciation methods in 2020 from double-declining-balance to straight-line. Depreciation prior to 2020 under double-declining balance was $82,300, whereas straight-line depreciation prior to 2020 would have been $45,800. Vaughn's depreciable assets had a cost of $252,700 with a $43,200 salavage value, and an 8-year useful life at the beginning of 2020.   Prepare the 2020 journal entry related to Vaughn's depreciable assets (Equipment)

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