(Solved): Thought Exercise You are the Financial Accounting Manager for Chloe and Annabelle, Corp. The CFO has ...

Thought Exercise You are the Financial Accounting Manager for Chloe and Annabelle, Corp. The CFO has asked you to change the method of depreciation used for Property, Plant, and Equipment from straight line to double declining balance. Imagine that no accounting rules exist to govern such a change: What would you record in the general ledger? What would you report in the financial statements?