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In 2024, Internal auditors discovered that Fay, Incorporated, had debited an expense account for the $870,000 cost of a machine purchased on January 1, 2021.

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In 2024, Internal auditors discovered that Fay, Incorporated, had debited an expense account for the $870,000 cost of a machine purchased on January 1, 2021. The machine's useful life was expected to be 6 years with no residual value. Straight-line depreciation is used by Fay. The journal entry to correct the ertor wili include a credit to accumulated depreciation of: Muniple cholcoe 5870.000 5145.000 $435000 5290000 In 2024, Internal auditors discovered that Fay, Incorporated, had debited an expense account for the $870,000 cost of a machine purchased on January 1, 2021. The machine's useful life was expected to be 6 years with no residual value. Straight-line depreciation is used by Fay. The journal entry to correct the ertor wili include a credit to accumulated depreciation of: Muniple cholcoe 5870.000 5145.000 $435000 5290000

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