Amazon purhcased a machine for $260,000. Amazon estimated the salavage to be $10000. 2 Amazon purhcased the machine on January 1, 2022 Amazon estimates the life of the machine to be 8 years. On January 1st 2024, due to technical advances, Amazon decided that the 4life of asset should be reduced by 2 years and salvage cut in half. 5 h 7 9 10 11 REQUIRED: 1) Prepare the journal entry (if any) to report the accounting change under GAAP 2) Record the annual depreciation for this year
Amazon purhcased a machine for $260,000. Amazon estimated the salavage to be $10000. 2 Amazon purhcased the machine on January 1, 2022 Amazon estimates the life of the machine to be 8 years. On January 1st 2024, due to technical advances, Amazon decided that the 4life of asset should be reduced by 2 years and salvage cut in half. 5 h 7 9 10 11 REQUIRED: 1) Prepare the journal entry (if any) to report the accounting change under GAAP 2) Record the annual depreciation for this year
Fundamentals of Financial Management, Concise Edition (MindTap Course List)
9th Edition
ISBN:9781305635937
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter12: Cash Flow Estimation And Risk Analysis
Section: Chapter Questions
Problem 11P: REPLACEMENT ANALYSIS St. Johns River Shipyards is considering the replacement of an 8-year-old...
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