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Collins Incorporated putchased a truck on January 1,2022 , for $775,000, estimating a 6 -year...

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Accounting

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Collins Incorporated putchased a truck on January 1,2022 , for $775,000, estimating a 6 -year useful life and $90,000 residual value. In 2022 and 2023 , Collins depreciated the asset using the straight-line method. In 2024 , Collins changed to the double declining balance method to depreciate this truck. Prepare the 2024 journal entry to record depreciation on this truck? [8 points]

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