In 20x1,an asset was purchased for $45,000 and has been depreciated using sum-of-the-years'-digits based on an estimated useful life of five years and no residual value.In 20x3 (before the adjusting and closing entries),the company decided to change to straight-line depreciation.The estimated useful life was not to be changed.
(a)Give the entry required when the decision was made.
(b)Give the entry for depreciation expense for 20x3.

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The Answer of In 20x1,an asset was purchased for $45,000 and has been depreciated using sum-of-the-years'-digits based on an estimated useful life of five years and no residual value.In 20x3 (before the adjusting and closing entries),the company decided to change to straight-line depreciation.The estimated useful life was not to be changed.
(a)Give the entry required when the decision was made.
(b)Give the entry for depreciation expense for 20x3.

In 20x1,an Asset Was Purchased for $45,000 and Has Been