Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. change in accounting estimate: on 7/1/15 au co.

Change in Accounting Estimate: On 7/1/15 AU Co. bought a $50,000 piece of...

50.1K

Verified Solution

Question

Accounting

Change in Accounting Estimate:

On 7/1/15 AU Co. bought a $50,000 piece of equipment. It depreciated the equipment using the straight-line method assuming $5000 salvage value and a 9-year life. On 1/1/20 AU Co. decided the equipment had 6 more useful years and a $2000 salvage value. What is the depreciation entry for the year ending 12/31/2020?

Journal entry:

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

Biology
1.2K views

6. View the first seven minutes of the following video: “Part 1: Genes that Control Aging”...

Psychology
1.2K views

The Supreme Court has made a number of major decisions in the area of juvenile justice....

Economics
1.2K views

Suppose that firms A,B,C and D are Bertrand duopolists in the salt industry. The market demand...

General Management
1.2K views

Explain the concepts of stake and stakeholder from your perspective as an individual. What kinds of...

Physics
1.2K views

The intensity of sound reduces by 20 on passing through a glass slab If sound...

Basic Math
1.2K views

Consider the following linear system 2x1 x1kx22x3 k 1 x3 1 k 3kx2 k 4...

Algebra
1.2K views

Let f be the exponential function defined by and determine the following information based on...

Accounting
1.2K views

Accounting
1.2K views

Old MathJax webview Find the opening balance, pluss all...

Accounting
1.2K views

QUESTION 4 [20] 4.1 ABC Fashion is a retail business specializing in shoes. Here...

Accounting
1.2K views

In financial accounting we categorized costs by the type of expense, in managerial accounting we...

Accounting
1.2K views

Tried Company began the year with $450,000 in total assets and ended the year with...