Patricia Co. bought a machine on January 1, 2019 for $3,010,000. It had a $261,000 estimated...
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Patricia Co. bought a machine on January 1, 2019 for $3,010,000. It had a $261,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Patricia uses straight-line depreciation. This was discovered in 2021. Prepare the entries related to the machine for 2021. Ignore taxes. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, eg. 5,250.) Account Titles and Explanation Debit Credit (To correct the error) Patricia Co. bought a machine on January 1, 2019 for $3,010,000. It had a $261,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Patricia uses straight-line depreciation. This was discovered in 2021. Prepare the entries related to the machine for 2021. Ignore taxes. (If no entry is required, select "No entry for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to O decimal places, eg. 5,250.) Account Titles and Explanation Debit Credit (To correct the error)
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Related Book For
Intermediate Accounting
ISBN: 978-0324592375
17th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
Posted Date:
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