Green Co. constructed a machine at a total cost of $71.30 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the sum-of-the-years'-digits method. The residual value is expected to be $4.10 million. At the beginning of 2021, Green decided to change to the straight-line method. Required: 1. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021? 2. Suppose Green has been using the straight-line method and switches to the sum-of-the-years'-digits method. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet < 1 Record the entry relating to the machine for 2021 using straight-line method. Note: Enter debits before credits. Event 1 General Journal Debit Credit
Green Co. constructed a machine at a total cost of $71.30 million. Construction was completed at the end of 2017 and the machine was placed in service at the beginning of 2018. The machine was being depreciated over a 10-year life using the sum-of-the-years'-digits method. The residual value is expected to be $4.10 million. At the beginning of 2021, Green decided to change to the straight-line method. Required: 1. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021? 2. Suppose Green has been using the straight-line method and switches to the sum-of-the-years'-digits method. Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Ignoring income taxes, what journal entry(s) should Green record relating to the machine for 2021? (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 2 decimal places (i.e., 5,500,000 should be entered as 5.50).) View transaction list Journal entry worksheet < 1 Record the entry relating to the machine for 2021 using straight-line method. Note: Enter debits before credits. Event 1 General Journal Debit Credit
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter22: End-of-fiscal-period Work For A Corporation
Section: Chapter Questions
Problem 4AP
Related questions
Question
Dd.62.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,