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Need help, please include work!! In 2020. Bramble Corporation discovered that equipment purchased on January 1, 2018, for $48,000 was expensed at that time. The
Need help, please include work!!
In 2020. Bramble Corporation discovered that equipment purchased on January 1, 2018, for $48,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Bramble uses straight-line depreciation. Prepare Bramble's 2020 journal entry to correct the error. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Accumulated Depreciation-Equipment 8640 Splish Company purchased a computer system for $74.050 on January 1, 2019. It was depreciated based on a 7-year life and an $17,700 salvage value. On January 1, 2021, Splish revised these estimates to a total useful life of 4 years and a salvage value of $10,000. Splish uses straight-line depreciation. Prepare Splish's entry to record 2021 depreciation expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Depreciation Expense Accumulated Depreciation EquipmentStep by Step Solution
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