The Canliss Milling Company purchased machinery on January 2, 2022, for $970,000. A five-year life...
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Accounting
The Canliss Milling Company purchased machinery on January 2, 2022, for $970,000. A five-year life was estimated and no residual value was anticipated. Canliss decided to use the straight-line depreciation method and recorded $194,000 in depreciation in 2022 and 2023. Early in 2024, the company changed its depreciation method to the sum-of-the-years-digits (SYD) method.
Required:
- Prepare any 2024 journal entry related to the change.
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