Mako's Distributing purchased equipment on January 1,2011.The equipment cost $214,000 with a salvage value of $14,000 and an estimated life of 8 years.Initially,Mako depreciated the equipment using the sum-of-the-years'-digits method.On January 1,2014,the company elected to change to the straight-line method of depreciation.
Required:
Determine the depreciation expense for 2014 and prepare the appropriate journal entry.

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The Answer of Mako's Distributing purchased equipment on January 1,2011.The equipment cost $214,000 with a salvage value of $14,000 and an estimated life of 8 years.Initially,Mako depreciated the equipment using the sum-of-the-years'-digits method.On January 1,2014,the company elected to change to the straight-line method of depreciation.
Required:
Determine the depreciation expense for 2014 and prepare the appropriate journal entry.

Mako's Distributing Purchased Equipment on January 1,2011