An Asset That Cost $49,500 Was Being Depreciated on a Sum-Of-The-Years'-Digits

question 111

Essay

An asset that cost $49,500 was being depreciated on a sum-of-the-years'-digits basis over five years with an estimated residual value of $4,500.After the end of the third year,it was decided to change to straight-line depreciation (ignore income taxes).
(a)Give any required entry as of the beginning of year 4.
(b)Give the adjusting entry to record depreciation at the end of the fourth year,taking into account the new decision.

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Definitions:

Conformity

The act of aligning one's beliefs or behaviors with those of a group or societal norms.

Painful Electric Shocks

Discomforting or harmful electrical stimuli applied to the body, often used in psychological experiments to study pain perception or behavioral conditioning.

Experimental Accomplice

A person secretly working with the researcher to act as a participant in an experiment, but whose behavior is scripted or predetermined.

Bystander Effect

A social psychological phenomenon in which individuals are less likely to offer help to a victim when other people are present.