Need assistance with answering the following 2 questions as detailed in attachment. can you please show the work.

Need assistance with answering the following 2 questions as detailed in attachment. can you please show the work.

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On January
1,2005,
Lynn
Corporation
acquired
equipment
at a cost of $600,OO.J).Lynn
adopted
the double-
declining
balance
method
of depreciation
for this
equipment
and had been
recording
depreciation
over
an
estimated
life of eiglIt
ears, with no residual
value. At the beginning
of 2008, a decision
was made to chalge
Q
e strai
t-line method
of depreciatIon
for this equipment.
Assuming
a 30% tlU!rate, till: cumulative
eff4t
of this accounting
change
on beginning
retained
earnings,
net of tax, is/
1
a.
$121,875.
_. .:

»< b. $0. --- -c. $78,750. . _- --- . 0 '. : 1:':°;' 2005. Foley c"poLn:"""~d machinery ar a cost of $250.000. ~01'Y""0,",, tho 9"U~IO. declining balance method of depreciation for this machinery and had been recording depreciation over an estimated useful life of t~n years, with no residual value. At the beginning of 2008, a decision was made to change to the straight-line method of depreciation for the machinery. The depreciation expense to be recorded for the machinery in 2008 is (round to the nearest dollar) a. $25,600. b. $18,286. c. $22,857. d. $25,000 .:." !.- r .;. ,...:Jtt'" /' i'.), ••, . ~ I

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