Hake Co. is in the process of preparing its financial statements for the year
ended December 31, 20X4.
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Question-1: As of January 1, 20X4, Hake decided to change the method of computing
depreciation on its sole piece of equipment from the sum-of-the-yearsdigits method
to the straight-line method. The equipment, acquired in January 20x1 for $520,000,
had an estimated life of five years and a salvage value of $20,000.
Compute the amount of the accounting change and select the proper financial
statement category.
Select one:
O a. $73,000
b. $50,000
c. $125,000
O d. $10,000
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