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Prepare journal entry related to sheridan depreciable assets

   

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Reference no: EM132462719

Problem – Sheridan Company changed depreciation methods in 2020 from double-declining-balance to straight-line. Depreciation prior to 2020 under double-declining-balance was $95,800, whereas straight-line depreciation prior to 2020 would have been $45,800. Sheridan’s depreciable assets had a cost of $238,200 with a $36,700 salvage value, and an 7-year remaining useful life at the beginning of 2020.
Required – Prepare the 2020 journal entry related to Sheridan’s depreciable assets (equipment).

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