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Prepare the proper journal entry to reflect the adjustment

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Question - Most of the furniture and fixtures owned by BIG Co are depreciated over a 12-year life and depreciation expense this year was $600,000. You CFO wants the useful life revised to 8 years. "Our original estimated were not accurate we need to adjust to reflect reality and the matching principle ". This would result in a revised depreciation expense of $900,000 and a useful life of anywhere from 8 to 12 years.

Required - Prepare the proper Journal entry to reflect the adjustment?

Reference no: EM132611300

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