User Account

All Pages

Prepare journal entry to record change in depreciation

Assignment Help Accounting Basics
Reference no: EM132453384

Question - Gerald Englehart Industries changed from the double-declining-balance to the straight-line method in 2015 on all its plant assets. There was no change in the assets' salvage values or useful lives. Plant assets, acquired on January 2, 2012, had an original cost of $2,400,000, with a $102,400 salvage value and an 8-year estimated useful life. Income before depreciation expense was $379,200 in 2014 and $304,000 in 2015.

Required - Prepare the journal entry to record the change in depreciation method in 2015.

 

Reference no: EM132453384

Questions Cloud

Provide victim assistance for victims : List 5-10 groups that provide victim assistance for victims of hate/bias crimes in your community
Explain self-reflection based on the five components : Explain self-reflection based on the five components described Provide a short synopsis describing and identifying specifics about yourself in reflection
What improvements did the new cult of domesticity : What improvements did the new "cult of domesticity" bring to women's lives, and what disadvantages did the new conception of femininity have?
Compare recent and past depictions of african americans : Compare recent and past depictions of African Americans in films and television shows. Describe at least three of the traditional stereotypes.
Prepare journal entry to record change in depreciation : Income before depreciation expense was $379,200 in 2014 and $304,000 in 2015. Prepare journal entry to record change in depreciation
School district pertaining technology integration : What would be a good mission and belief statement for a school district pertaining technology integration?
Describe the piece of media in detail : Describe the threshold concept you are using as if you are writing to another classmate, and explain why you are drawn to this threshold concept
Greek philosopher epicurus : Greek Philosopher Epicurus suggested that we should not be afraid of our own death, because we are not harmed by it.
Explain the importance of the final report : Put yourself in the role of a prosecutor and explain the importance of the final report to the prosecution of a case. Further, analyze the possible impact

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +91-977-207-8620

Phone: +91-977-207-8620

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd