Prepare the journal entry to account for the change

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Question - On 30 June 2021, at the end of the current reporting period, Tranquil Lid made a decision, using the information obtained over the past few years, to revise the useful life of its building acquired five years earlier on 1 July 2016 for $137,0000. The useful life was revised from 10 years to 15 years. The building was originally depreciated on a straight-line basis over its useful life, and it was expected that the building would have no residual value. No depreciation has been provided in the current period. Prepare the journal entry to account for the change in the accounting estimate.

Reference no: EM133119032

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