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4. On January 1, 2019, Shehata Coffee Shop purchased an asset that cost $54,800 and had no estimated residual value. The estimated useful life of
4. On January 1, 2019, Shehata Coffee Shop purchased an asset that cost $54,800 and had no estimated residual value. The estimated useful life of the asset is 8 years and straight- line depreciation is used. An error was made in 2019 because the total amount of the asset's cost was debited to a Marketing Expense account for 2019 and no depreciation was recorded. Pretax income for 2019 was $43,200. How much is the correct 2019 pretax income? Remember, there were 2 errors they recorded the wrong Expense and they did not record Depreciation Expense. 6 points
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