Kidd Co. bought a machine on January 1, 2020 for $1,400,000. It had an estimated ten- year useful life. At the time the machine was acquired, its cost was erroneously charged to expense. Kidd uses straight-line depreciation. This was discovered in 2022. Kidd plans to restate its 2020 and 2021 financial statements to reflect the correction of the related error(s). (Ignore income tax effects.)

Instructions

Prepare the general ledger entry(ies) required in 2022 for the correction of the error(s).