Vaughn Company changed depreciation methods in 2020 from double-declining-balance to straight-line. Depreciation prior to 2020 under double-declining balance was $82,300, whereas straight-line depreciation prior to 2020 would have been $45,800. Vaughn's depreciable assets had a cost of $252,700 with a $43,200 salavage value, and an 8-year useful life at the beginning of 2020.   Prepare the 2020 journal entry related to Vaughn's depreciable assets (Equipment)

Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter11: Depreciation, Depletion, Impairment, And Disposal
Section: Chapter Questions
Problem 8P: Kam Company purchased a machine on January 2, 2019, for 20,000. The machine had an expected life of...
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Vaughn Company changed depreciation methods in 2020 from double-declining-balance to straight-line. Depreciation prior to 2020 under double-declining balance was $82,300, whereas straight-line depreciation prior to 2020 would have been $45,800. Vaughn's depreciable assets had a cost of $252,700 with a $43,200 salavage value, and an 8-year useful life at the beginning of 2020.

 

Prepare the 2020 journal entry related to Vaughn's depreciable assets (Equipment)

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