Annual depreciation expense on a building purchased on January 1, 2018 (using the straight-line method) is $5,000. The cost of the building was $100,000. At the time of purchase, the asset was estimated to have a zero salvage value. On January 1, 2021, the company decided to reduce the original useful life by 25% and to establish a salvage value of $5,000. The firm also decided double-declining-balance depreciation was more appropriate. Ignore tax effects.
Required:
a. Record the annual depreciation for 2021.
b. Prepare the journal entry, if any, to report the accounting change under GAAP.
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