machinery purchased for $68,400 by bramble co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,560 at the end of that time. depreciation has been entered for 5 years on this basis. in 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5.130 at the end of that time. assume straight-line depreciation. (a) prepare the entry to correct the prior years' depreciation, if necessary.

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08-12-2022
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machinery purchased for $68,400 by bramble co. in 2016 was originally estimated to have a life of 8 years with a salvage value of $4,560 at the end of that time. depreciation has been entered for 5 years on this basis. in 2021, it is determined that the total estimated life should be 10 years with a salvage value of $5.130 at the end of that time. assume straight-line depreciation. (a) prepare the entry to correct the prior years' depreciation, if necessary.

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bhawsarsakshi4 bhawsarsakshi4 · Answer 1 · 2022-12-14T04:57:50+01:00

No entry will be required in the case of the prior years' depreciation.

What is a Journal entry?

A journal entry seems to be the act of recording any transactions, whether one that is commercial or not. An accounting diary that displays the debit, as well as credit positions of a corporation, lists occurrences. Multiple observations, that are all either a charge or a credit, may be included in the journal entry.

The corporation is not obligated to approve any entries changing the depreciation amount from the prior year when the amortization is switched. This will spare you from having to prepare the previous year's accounting information to account for the adjustment. The approach is merely implemented and continued in subsequent years.

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