Essay
Johnson's Distributing purchased equipment on January 1, 2008. The equipment cost $124,000 with a salvage value of $12,000 and an estimated life of 8 years. Initially, Johnson depreciated the equipment using the sum-of-the-years'-digits method. On January 1, 2011, the company elected to change to the straight-line method of depreciation.
Required:
Determine the depreciation expense for 2011 and prepare the appropriate journal entry.
Correct Answer:
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Accumulated depreciation at 1/1/2011:
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