The Method of Depreciation Was Changed from the Double-Declining-Balance Method

question 97

Multiple Choice

The method of depreciation was changed from the double-declining-balance method to the straight-line method in fiscal 2022. A machine was purchased on January 1, 2020, at a cost of $150,000. The machine has an estimated useful life of 10 years and a residual value of $9,000. What is the appropriate accounting?

• A)Retrospective adjustment for fiscal 2022.
• B)Retrospective adjustment for fiscal 2020 and 2021.
• C)Prospective adjustment from fiscal 2021 going forward.
• D)Error correction for fiscal 2022.

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A cultural practice that requires marrying outside one’s group (often used interchangeably with heterogamy).

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