Annual depreciation expense on a building purchased a few years ago (using the straight-line method) is $5,200. The cost of the building was $104,000. The current book value of the equipment (January 1, 2021) is $88,400. 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 $5,200. The firm also decided double-declining-balance depreciation was more appropriate. Ignore tax effects. Required: 1. Prepare the journal entry, if any, to report the accounting change under GAAP. 2. Record the annual depreciation for 2021.

Dodd corporation uses the weighted-average method in its process costing system. this month, the beginning inventory in the first processing department consisted of 400 units. the costs and percentage completion of these units in beginning inventory were:

T-comm makes a variety of products. it is organized in two divisions, north and south. the managers for each division are paid, in part, based on the financial performance of their divisions. the south division normally sells to outside customers but, on occasion, also sells to the north division. when it does, corporate policy states that the price must be cost plus 20 percent to ensure a "fair" return to the selling division. south received an order from north for 300 units. south's planned output for the year had been 1,200 units before north's order. south's capacity is 1,500 units per year. the costs for producing those 1,200 units follow

Jeanie had always been interested in how individuals and businesses effectively allocate their resources in order to accomplish personal and organizational goals. that’s why she majored in economics and took on an entry-level position at an accounting firm. she is very interested in further advancing her career by looking into a specialization that builds upon her academic background, and her interest in deepening her understanding of how companies adjust their operating results to incorporate the economic impacts of their practices on internal and external stakeholders. which specialization could jeanie follow to get the best of both worlds? jeanie should chose to get the best of both worlds.