Recording Depreciation with a Change in Depreciation Method Pier Exports purchases equipment on January 1...
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Recording Depreciation with a Change in Depreciation Method Pier Exports purchases equipment on January 1 at a cost of $37,500. The company estimates that there will be no salvage value and that the equipment will have a useful life of 10 years. The company elects to use the double-declining-balance method for the first three years, after which the company will change to the straight-line method of depreciation for the equipment. Required a. Compute annual depreciation expense for Year 1 through Year 3. b. Prepare the depreciation entry for the end of Year 4. Note: Round your final answers to the nearest whole number
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