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  3. b on january 1, 2018, the corporation acquired

b On January 1, 2018, the Corporation acquired machinery at a...

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Accounting

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On January 1, 2018, the Corporation acquired machinery at a cost of $1,600,000. The Corporation 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 2021, a decision was made to change to the double- declining balance method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this accounting change on beginning retained earnings, is $0 $210.560 $179.200 $300,800

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