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Find a company that has accounting changes

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Reference no: EM13341425

Identify, analyze, and record accounting error corrections.

Find a company that has accounting changes or correction of errors in its annual report.

Cite the source of the statement(s).

Discuss the footnote that explains the accounting change.

Explain the net impact on the financial statements.

In 20X0, ABC company purchased machine for $300,000 that had a useful life of 5 years, with a salvage value of $50,000 at the end its life. Depreciation was calculated over 2 years on straight-line basis. In 20X2, it determined that the total life should be 10 years with the salvage value of $5,000 at the end its life.

Prepare the entry to correct the depreciation for 20X1.

Prepare the entry to record the depreciation for 20X2.

 

Reference no: EM13341425

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