Question
In 2017, Flint Company discovered that equipment purchased on January 1, 2016, for $57,200 was expensed at that time. The equipment should have been depreciated
In 2017, Flint Company discovered that equipment purchased on January 1, 2016, for $57,200 was expensed at that time. The equipment should have been depreciated over 6 years using the straight-line method, with a $5,600 value. The effective tax rate is 40%. Prepare Flints 2017 journal entry to correct the error. 
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Internal Audit Practice From A To Z
Authors: Patrick Onwura Nzechukwu
1st Edition
149874205X, 978-1498742054
