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Need assistance with Q16, details please! (c) Correction of an error 016. Quigley Co. bought a machine on January 1, 2013 for $1,400,000. It had

Need assistance with Q16, details please!

(c) Correction of an error 016. Quigley Co. bought a machine on January 1, 2013 for $1,400,000. It had a $120,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2015 Tax rate is 40% The 2015 Beginning Retained Earnings Balance was $11,555,111 Instructions- Prepare the entry or entries related to the machine for 2015. Also, show the impact on beginning Retained Earnings

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