Information for a Firm Making an Accounting Change Follows

question 2

Essay

Information for a firm making an accounting change follows: Tax rate: 30%
Common shares outstanding entire year for both years: 100;
Retained earnings,1/1/x0: $6,000
The firm changes from SYD to SL depreciation in 20x1 for financial
reporting purposes only. Required:
(a)The 20x1 entries to record the accounting change and depreciation expense for 20x1.
(b)The comparative 20x0 and 20x1 income statements including pro forma disclosures if needed,EPS,and any disclosure footnote required.

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Definitions:

Vacation

A period of time spent away from home or work for relaxation or recreation.

Ethical Goals

Objectives that align with moral principles, guiding organizations towards responsible and integrity-based decisions.

Decision Making

is the process of making choices by identifying a decision, gathering information, and assessing alternative resolutions.

Reward System

A structured plan designed to motivate and recognize employees' performance, often including financial and non-financial rewards.