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MPotter_Accounting Changes_072111

Course: ACCT 400, Spring 2011
School: Rasmussen College
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Word Count: 119

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Income Year Pretax from Percentage of Completion 600000 500000 Prior to 2010 In 2010 Total at Beginning of 2011 Total in 2011 Completed Contract 400000 300000 1100000 450000 700000 400000 Problem 1 1-Jan-11 Construction in Progress \$400,000 Deferred Tax Liability Retained Earnings Changes in accounting estimate To record change to Percentage of Completion from Completed Contract Method Year Depreciation...

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Income Year Pretax from Percentage of Completion 600000 500000 Prior to 2010 In 2010 Total at Beginning of 2011 Total in 2011 Completed Contract 400000 300000 1100000 450000 700000 400000 Problem 1 1-Jan-11 Construction in Progress \$400,000 Deferred Tax Liability Retained Earnings Changes in accounting estimate To record change to Percentage of Completion from Completed Contract Method Year Depreciation Value 2009 2010 Depreciation Amount (5/15) (4/15) Depr to date 40000 32000 72000 72000 48000 24000 Problem 2 a. There would be no adjusting for prior years difference. The difference will be acknowledged in the life remaining depreciation of the asset. b. 48000/3= 16000 Remaining value divided by remaining years. 12/31/2011 Depreciation Expense Accumulated Depreciation To record Depreciation for Bulldozer for 2011 using new depreciation method/straight line 16000 16000 Difference in Income ompleted Difference 200000 200000 Tax Effect 40% 80000 80000 400000 50000 Income Effect (Net of Tax) 120000 120000 160000 20000 240000 30000 \$160,000 \$240,000 32000 Value Remaining Value 120000 80000 48000 48000 2009 2010 2011 32000 24000 8000 ledged in the remaining 48000 (1/5) (1/5) Depr Straight 24000 24000 24000 72000
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