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What is Accounting Changes in Depreciation Methods about?

The document discusses changes in accounting policies and estimates for depreciation made by two companies, Cherokee Construction and Frederick Industries, in 2019. For Cherokee Construction, it changed its method of accounting for long-term contracts from cost-recovery to percentage-of-completion. This resulted in a $170,000 difference in pretax income between the two methods in 2018. Journal entries are required to adjust retained earnings and deferred tax liability for the change. For Frederick Indus

Author

Rian Rorres

Language

EN