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Langley Corporation replaced an HVAC system in one of its warehouses in July, 2017, at a cost of $410,000. The accountant recording the purchase charged
Langley Corporation replaced an HVAC system in one of its warehouses in July, 2017, at a cost of $410,000. The accountant recording the purchase charged it to repairs and maintenance expense. The error was discovered late in 2018 while reconciling depreciation expense for 2018. The system should last about 7 years with no salvage value. What entry should be made before the 2018 books are closed if the company uses straight-line depreciation? (Round intermediate calculations to the nearest cent and your final answer to the nearest dollar.) 410,000 58,571 O A. Warehouse Depreciation Expense (2018)Warehouse Accumulated DepreciationWarehouse Retained Earnings-Prior Period Adjustment 87,857 380,714 . 410.000 Warehouse Accumulated DepreciationWarehouse Retained EarningsPrior Period Adjustment 58,571 351.429 O C. Warehouse Depreciation Expense-Warehouse Retained Earnings 410,000 58,571 468,571 OD. Retained EarningsPrior Period Adjustment Depreciation Expense-Warehouse Warehouse 410,000 58,571 468,571
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