On January 1, 2016, Crane Corporation acquired machinery at a cost of $1480000. Crane adopted...
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On January 1, 2016, Crane Corporation acquired machinery at a cost of $1480000. Crane adopted the straight-line method of depreciation for this machine and had been recording depreciation over an estimated life of 10 years, with no residual value. At the beginning of 2019, a decision was made to change to the double-declining balance method of depreciation for this machine. Assuming a 30% tax rate, the cumulative effect of this accounting change on beginning retained earnings, is
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