3.1. Discuss the disclosure requirements for a change in accounting policy. 3.2. RT (LTD) purchased a plant for R3 000 000 on 1 January 2018. Depreciation – on a straight-line basis over 25 years Residual Value – R500 000 On 1 January 2022, the company reassessed the remaining useful life of the asset and calculated it to be 16 years and the residual value was changed to R250 000 Disclose the change in accounting estimate for the year ended 31 December 2022?     3.3. State the journal to correct the depreciation?

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 3RE: Albany Corporation purchased equipment at the beginning of Year 1 for 75,000. The asset does not...
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3.1. Discuss the disclosure requirements for a change in accounting policy.

3.2. RT (LTD) purchased a plant for R3 000 000 on 1 January 2018. Depreciation – on a straight-line basis over 25 years Residual Value – R500 000 On 1 January 2022, the company reassessed the remaining useful life of the asset and calculated it to be 16 years and the residual value was changed to R250 000 Disclose the change in accounting estimate for the year ended 31 December 2022?  

  3.3. State the journal to correct the depreciation? 

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