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Question - PROPERTY PLANT AND EQUIPMENT - Qirana trading purchased equipment to be used in manufacturing. The purchase was made at the beginning of 2018 by paying cash of RM150,000. The equipment has an estimated residual value of RM10,000 and an expected useful life of 10 years. At the beginning of 2020, Qirana concluded that the total useful life of the equipment will be 8 years rather than 10, and that the residual value will be zero. Qirana uses the straight-line method for depreciation.
Required -
a. Prepare the journal entry to record depreciation on the equipment for 2019.
b. Prepare the journal entry to record depreciation on the equipment for 2020, including the effect of the changes in estimates.
c. Describe how and when a business should account for a change in the estimated useful life and/or residual value of a depreciable asset.
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