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5 2 pts On January 1, 2020, Connaughton Corp. purchased machinery for $319,000. Connaughton ordinarily depreciates similar equipment over ten years with no residual value,
5 2 pts On January 1, 2020, Connaughton Corp. purchased machinery for $319,000. Connaughton ordinarily depreciates similar equipment over ten years with no residual value, but the machinery was misclassified as land, and as such, the asset was not depreciated at all. The error is discovered in 2024. The journal entry to correct the error will include a debit (enter as a positive number) or a credit (enter as a negative number) to retained earnings of
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