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What should be reported in Kerr income statement

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Reference no: EM132846118

Question - During 2009, Kerr Company determined that machinery previously depreciated over a seven-year life had a total estimated useful life of only five years. An accounting change was made in 2009 to reflect the change in estimate. If the change had been made in 2008, accumulated depreciation would have been P800,000 at December 31, 2008, instead of P600,000. As a result of this change, the 2009 depreciation expense was P50,000 greater. The income tax rate was 30%. What should be reported in Kerr's income statement for the year ended December 31, 2009, as the cumulative effect on prior years of changing the estimated useful life of the machinery?

Reference no: EM132846118

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