Heims Company purchases a delivery truck for $21,000 on January 1 of Year 9 Helms expects...

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Heims Company purchases a delivery truck for $21,000 on January 1 of Year 9 Helms expects to use the truck only two years and to sell it for $7,200. The company's policy is to use straight line depreciation, but depreciation in Year 9 is not recorded Rather, the accountant charges the entire cost to delivery expense in Year 9. The controller discovers the error late in Year 10. The company's tax rate is 25% Required a. Provide the Year 10 entries to record (1) the error correction and (2) depreciation expense for the year. Note: a line in a journal entry tequired for the transaction, select "N" as the account name and leave the Dr. and Cr. answers blank Account b. indicate the amounts of the prior period adjustments appearing in the Year 10 retained eamings section of the statement of stockholders equity. 50 adjustment to beginning retained earnings. Heims Company purchases a delivery truck for $21,000 on January 1 of Year 9 Helms expects to use the truck only two years and to sell it for $7,200. The company's policy is to use straight line depreciation, but depreciation in Year 9 is not recorded Rather, the accountant charges the entire cost to delivery expense in Year 9. The controller discovers the error late in Year 10. The company's tax rate is 25% Required a. Provide the Year 10 entries to record (1) the error correction and (2) depreciation expense for the year. Note: a line in a journal entry tequired for the transaction, select "N" as the account name and leave the Dr. and Cr. answers blank Account b. indicate the amounts of the prior period adjustments appearing in the Year 10 retained eamings section of the statement of stockholders equity. 50 adjustment to beginning retained earnings.