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KEC Has a Machine That Cost $75,000 (No Residual Value)that

Question 1

Essay

KEC has a machine that cost $75,000 (no residual value)that was being depreciated over a 15-year estimated life, using SL.On the basis of more experience, during the 9th year, management decided to use a revised total estimate of 20 years.
(a)What kind of accounting change does this represent? _.
(b)Give entry in 9th year to reflect the change; if none is required, explain.
(c)Give the depreciation entry (year-end adjusting entry)for the 9th year.Show computations.

Correct Answer:

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