Teal Company changed depreciation methods in 2025 from double-declining-balance to straight-line. Depreciation prior to 2025 under double-declining-balance was $98,500, whereas straight-line depreciation prior to 2025 would have been $47,600. Teal's depreciable assets (equipment) had a cost of $241,100 with a $43,200 salvage value, and an 7-year remaining useful life at the beginning of 2025. Prepare the 2025 journal entry, if any, related to Teal's depreciable assets. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

Teal Company changed depreciation methods in 2025 from double-declining-balance to straight-line. Depreciation prior to 2025 under double-declining-balance was $98,500, whereas straight-line depreciation prior to 2025 would have been $47,600. Teal's depreciable assets (equipment) had a cost of $241,100 with a $43,200 salvage value, and an 7-year remaining useful life at the beginning of 2025. Prepare the 2025 journal entry, if any, related to Teal's depreciable assets. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit

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Description: sa Teal Company changed depreciation methods in 2025 from double-declining-balance to straight-line. Depreciation prior to 2025under double-declining-balance was $98,500, whereas straight-line depreciation prior to 2025 would have been $47,600. Teal'

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

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 7RE: Bliss Company owns an asset with an estimated life of 15 years and an estimated residual value of...

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