Weaver Textiles Inc.has used the straight-line method to depreciate its equipment since it started business in 2012.At the beginning of 2016,the company decided to change to the double-declining-balance (DDB)method.Depreciation as reported and as it would have been reported if the company had always used DDB is listed below:
Required:
What journal entry,if any,should Weaver make to record the effect of the accounting change (ignore income taxes)? Explain.

Question

Weaver Textiles Inc.has used the straight-line method to depreciate its equipment since it started business in 2012.At the beginning of 2016,the company decided to change to the double-declining-balance (DDB)method.Depreciation as reported and as it would have been reported if the company had always used DDB is listed below:  
Required:
What journal entry,if any,should Weaver make to record the effect of the accounting change (ignore income taxes)? Explain.

Quizplus · Accepted Answer

The Answer of Weaver Textiles Inc.has used the straight-line method to depreciate its equipment since it started business in 2012.At the beginning of 2016,the company decided to change to the double-declining-balance (DDB)method.Depreciation as reported and as it would have been reported if the company had always used DDB is listed below:  
Required:
What journal entry,if any,should Weaver make to record the effect of the accounting change (ignore income taxes)? Explain.