Prepare general journal entry to record depreciation expense

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Reference no: EM133905925

Problem

Tamarisk cole inc acquired the following assets in jan of 2023 Equipment estimated useful life 5 years salvage value 15200 525000 Building estimated useful life 30 years no salvage value 693000 The equipment has been depreciated using the sum of the years digits method for the first 3 years for financial reporting purposes. In 2026 the company decided to change the method of computing depreciation to the straight line method for the equipment but no change was made in the estimated useful life or salvage value. It was also decided to change the total estimated useful life of the building from 30 years to 40 years, with no change in the estimated salvage value. The building is depreciated on the straight line method. Prepare the general journal entry to record depreciation expense for the equipment in 2026. Get the instant assignment help. Prepare the journal entry to record depreciation expense for the building in 2026.

Reference no: EM133905925

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