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In 2021, internal auditors discovered that Fay, Inc., had debited an expense account for the $4,725,000 cost of a machine purchased on January 1, 2018.

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In 2021, internal auditors discovered that Fay, Inc., had debited an expense account for the $4,725,000 cost of a machine purchased on January 1, 2018. The machine's useful life was expected to be 21 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 $675.000 O $225,000 $4,725,000 $450,000

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