ln20 rternal auditors dscovered that Fay-inc. hod debited an expense account for the $5570000 cost of tne purchased on January 1, 2015. The machine's useful life was expected to be 22 years with no residual value Straight line depreciation is used by Fay. The journal entry to correct the error will include a credit to accumulated depreciation of $470000 $50000 $235.000 $705.000