Exercise 22-11Bridgeport Co. purchased a equipment on January 1, 2015, for$511,500. At that time,...Exercise...

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Accounting

Exercise 22-11
Bridgeport Co. purchased a equipment on January 1, 2015, for$511,500. At that time, it was estimated that the equipment wouldhave a 10-year life and no salvage value. On December 31, 2018, thefirm’s accountant found that the entry for depreciation expense hadbeen omitted in 2016. In addition, management has informed theaccountant that the company plans to switch to straight-linedepreciation, starting with the year 2018. At present, the companyuses the sum-of-the-years’-digits method for depreciatingequipment.

Prepare the general journal entries that should be made at December31, 2018, to record these events. (Ignore tax effects.)(Credit account titles are automatically indented whenamount is entered. Do not indent manually. If no entry is required,select "No Entry" for the account titles and enter 0 for theamounts.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31, 2018
(To correct for the omission of depreciation expense in2016.)
Dec. 31, 2018
(To record depreciation expense for 2018.)

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Date Accounts Tittles and Explanations Debit Credit Dec 31 2018 Depreciation Expenses Ac 83700 To Accumulated Depreciation Equipment Ac 83700 To correct for the See Answer

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In: AccountingExercise 22-11Bridgeport Co. purchased a equipment on January 1, 2015, for$511,500. At that time,...Exercise 22-11Bridgeport Co. purchased a equipment on January 1, 2015, for$511,500. At that time, it was estimated that the equipment wouldhave a 10-year life and no salvage value. On December 31, 2018, thefirm’s accountant found that the entry for depreciation expense hadbeen omitted in 2016. In addition, management has informed theaccountant that the company plans to switch to straight-linedepreciation, starting with the year 2018. At present, the companyuses the sum-of-the-years’-digits method for depreciatingequipment.Prepare the general journal entries that should be made at December31, 2018, to record these events. (Ignore tax effects.)(Credit account titles are automatically indented whenamount is entered. Do not indent manually. If no entry is required,select "No Entry" for the account titles and enter 0 for theamounts.)DateAccount Titles and ExplanationDebitCreditDec. 31, 2018(To correct for the omission of depreciation expense in2016.)Dec. 31, 2018(To record depreciation expense for 2018.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2018

	(To correct for the omission of depreciation expense in2016.)
Dec. 31, 2018

	(To record depreciation expense for 2018.)