Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. babcock company purchased a piece of machinery for

Babcock Company purchased a piece of machinery for $30.000 on January 1, 2019, and has...

80.2K

Verified Solution

Question

Accounting

image
Babcock Company purchased a piece of machinery for $30.000 on January 1, 2019, and has been depreciating the machine using the sum-of-the-years'-digits method based on a five-year estimated usefu life and no salvage value. On January 1, 2021, Babcock decided to switch to the straight-line method of depreciation. The salvage value is still zero and the estimated useful life is changed to a total of six years. from the date of purchase. Ignore income taxes. Required: 1. Prepare the appropriate journal entry, if any, to record the accounting change under GAAP. 2. Prepare the journal entry to record depreciation for 2021. Complete this question by entering your answers in the tabs below. Prepare the appropriate journal entry, if any, to record the accounting change under GAAP. (If no entry Is rec transaction/event, select "No journal entry required" in the first account field.)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Chemistry
1.2K views

Solid HgO, liquid Hg, and gaseous O2 are placed in a glass bulb and the reaction...

Biology
1.2K views

What's the difference between the brain's (sensory) relationship with outer toes vs with middle toes? How...

Psychology
1.2K views

Why is the interview, in general, such a poor measurement device for inferring personality traits

Basic Math
1.2K views

Are these two functions inverses of each other? How would you solve for one of these? f(n)=2(n-2)3 g(n)=4+cube...

Biology
1.2K views

Name the umbrella agency that oversees the entire Executive Branch bureaucracy?The West Wing;Executive Office of...

Geometry
1.2K views

21 tangents of the acute angles in the rig 7 9 C 4 2 A

Basic Math
1.2K views

Find the equation of the parabola described below. Find the two points that definethe latus...

Calculus
1.2K views

Consider the functions f x 9x 1 and g x x 1 a Find f...

Algebra
1.2K views

Which of the following are equivalent to 2 log u g u log 1 1...

Algebra
1.2K views

A connected graph has 30 even vertices and two odd vertices Determine whether the graph...

Accounting
1.2K views

Required: Record the payment that Mookie The Beagle Concierge receives from Sandy Copper in payment...

Accounting
1.2K views

Does goodwill impairment loss appear on the income statemnet , or does it appear on...