1. Irving Corp. bought a machine on January 3, 2020 for $ 380,000. It had a $ 30,000 estimated residual value and a ten-year life. The corporation uses straight-line depreciation. An expense account was debited in error on the purchase date, but this was not discovered until late 2022.

Instructions

Make the necessary correcting entry or entries related to the machine for 2022. Ignore income tax effects.