On January 1, 2014, Al\'s Sporting Goods purchased store fixtures at a cost of $

Question

On January 1, 2014, Al's Sporting Goods purchased store fixtures at a cost of $180,000. The anticipated service life was 10 years with no residual value. Al's has been using the double-declining balance method, but in 2016 adopted the straight-line method because the company believes it provides a better measure of income. Al's has a December 31 year-end. The journal entry to record depreciation for 2016 is:

No entry

Depreciation expense 23,040        Accumulated depreciation 23,040 Depreciation expense 14,400        Accumulated depreciation 14,400 Accumulated depreciation 28,800        Retained earnings 28,800

No entry

Explanation / Answer

Depreciation Expense debit $ 14400

Accumulated depreciation credit $ 14400

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