Green Co Constructed A Machine At A Total Cost Of 75 20 Million Construction Was Completed At The End Of 2017 And The 1 (45.2 KiB) Viewed 13 times
Green Co Constructed A Machine At A Total Cost Of 75 20 Million Construction Was Completed At The End Of 2017 And The 2 (34.17 KiB) Viewed 13 times
Green Co. constructed a machine at a total cost of $75.20 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 $4.40 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 (.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 General Journal Debit Credit
< 1 Record the entry relating to the machine for 2021 using straight-line method. Note: Enter debits before credits. General Journal Debit Credit Event 1 Clear entry Record entry + View general journal
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