Business, 21.05.2020 03:03 Arealbot

Mendrisio Company purchased a piece of machinery for $30,000 on January 1, 2019, and has been depreciating the machine using the sum-of-the-years'-digits method based on a five-year estimated useful life and no salvage value. On January 1, 2021, Mendrisio decided to switch to the straight-line method of depreciation. The salvage value is still zero and the estimated useful life is changed to a total of six years from the date of purchase. Ignore income taxes.

Requirements:

a. Prepare the appropriate journal entry (if any) to record the accounting change (include the account and the dollar amount; no abbreviations!)
b. Prepare the journal entry to record depreciation for 2018.

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Mendrisio Company purchased a piece of machinery for $30,000 on January 1, 2019, and has been deprec...

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