Madison Co. bought a machine on January 1, 2017 for $2,800,000. It had a $370,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. The company uses straight-line depreciation. This was discovered in 2019. The retained earnings beginning for 2019 was $300,000. The net income for 2019 was $500,000. Pald dividends $10,000. Income taxes rate: 30% Instructions Prepare the entry or entries related to the machine for 2010 and present the analysis for this situation where an error is discovered in 2019. Prepare the retained earnings statement for December 2019, Madison Co. bought a machine on January 1, 2017 for $2,800,000. It had a $370,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. The company uses straight-line depreciation. This was discovered in 2019. The retained earnings beginning for 2019 was $300,000. The net income for 2019 was $500,000. Pald dividends $10,000. Income taxes rate: 30% Instructions Prepare the entry or entries related to the machine for 2010 and present the analysis for this situation where an error is discovered in 2019. Prepare the retained earnings statement for December 2019