(k) Depreciation: TouchBase recorded the purchase of an additional $30,000 of long-term Property, Plant & Equipment assets on October 1, 2021. All previous PP&E was still being depreciated throughout 2021. TouchBase has been recording depreciation expense (using a 6- year life, no residual value, straight-line method for all long-term assets). A Depreciation Expense entry was made for $32,000 (same as 2020) was recorded, but the effect of the 2021 purchase was not recorded.

Journal Entry: k) Depreciation

Depreciation

Note: insert rows within the print area as needed

12/31/21

Example debit

99,999

Example credit

99,999

Briefly describe the issue and explain how your journal entry/(ies) fix the problem:

Show detailed, clearly-labeled calculations for any values: