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A company purchased a piece of manufacturing equipment for $30,000 on January 1, 2018. At that...

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Accounting

A company purchased a piece of manufacturing equipment for$30,000 on January 1, 2018. At that time, the company estimated theequipment would have a 7-year useful life and no salvage value. Thecompany used straight-line depreciation based on this informationthrough 2019. On December 31, 2020, the company determined theequipment instead has a 10-year useful life, with no salvage value.The company’s tax rate has been 30% since 2015.

What is the necessary adjustment to beginning retained earningsin 2020 for this change?

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