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In 2018, internal auditors discovered that Fay, Inc., had debited an expense account for the $5,640,000 cost of a machine purchased on January 1, 2015.

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In 2018, internal auditors discovered that Fay, Inc., had debited an expense account for the $5,640,000 cost of a machine purchased on January 1, 2015. The machine's useful life was expected to be 24 years with no residual value. Straight-line depreciation is used by Fay. The journal entry to correct the error will include a credit to accumulated depreciation of Multiple Choice 0 5235,000. 0 $705,000. $470,. 55,640

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