On January 1, 2013, ABC Corporation acquired machinery at a cost of $600,000. ABC adopted...
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On January 1, 2013, ABC Corporation acquired machinery at a cost of $600,000. ABC 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 2016, a decision was made to change to the double-declining balance method of depreciation for this machine Question 3) The cumulative effect of this accounting change on beginning retained earnings, is: $67,200 IL $0 578,960 III 1. $112,800
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