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During the December 31, 2023 Financial Statement Audit, the company conducted a thorough Intemal audit, during which the following facts were discovered. The audit occurred

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During the December 31, 2023 Financial Statement Audit, the company conducted a thorough Intemal audit, during which the following facts were discovered. The audit occurred before any adjusting entrles or closing entries are prepared. (Assume the 2022 books are closed) The Company purchased a machine for $350,000 on January 1, 2020. Lundholm depreciates 1. machines of this type by the straight-line method over a 10 -year period using no salvage value. Due to a change in sales patterns, on danuary 1, 2023, management determines the useful life of the machine to be a total of 12 years, and has a salvage value of $20,000. What amount should Lundholm record for depreciation expense for 2023? The Compary purchased machinery on July 1. 2023. The machinery was valued at $3,500,000. 2. With a $350,000 down and the Compary agreed to pay the balance in 8 equal installments ($487,374), payable each June 30. The company has a borrowing rate of 5%. There is no salvage value, and the useful life is 10 years. The following journal entries were recorded: Two years earlier, The Company recorded a 8% stock dividend (6,000 common shares, $2 par) a5 follows: The shares had a market price at the time of $17 per share. A 8-year bonds were issued on September 1, 2022. The face value of the bonds totaled 4. $160.000 with a stated rate of 12%. The market rate was 100 when the bonds were issued. Interest is paid annually on August 30 of each year. The following journal entry was recarded when the bonds were issued, and the interest paid: Upon completion, uphosd a JPEG/JPG of you Erors Problem Answer Sheet. You may take ane photo of the muiviple pages, os long as they are readable. Error Problem \#2 - Simplified J/E \begin{tabular}{|l|l|l|} \hline DR/CR & \multicolumn{1}{|c|}{ Account Name } & Amount \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Error Problem \#3 - Simplified J/E \begin{tabular}{|l|l|l|} \hline DR/CR & Account Name & Amount \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} Error Problem \#4 - Simplified J/E \begin{tabular}{|c|c|c|} \hline DR/CR & Account Name & Amount \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular}

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