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On April 1 of the current year, the following prior year errors were discovered after the prior year financial statements were issued. straight-line method to
On April 1 of the current year, the following prior year errors were discovered after the prior year financial statements were issued. straight-line method to depreciate all equipment. to Equipment for $4,000. life of 18 years. Required Prepare entries to correct each of the errors a,b, and c, discovered in the current year. Ignore income taxes. Note: Round answers to the nearest whole dollar. Cash Inventory Property Building Equipment Accumulated Depreciation Cost of Oil Reserve Retained Earnings-Prior Period Adjustment Sales Cost of Goods Sold Depreciation Expense Exploration Expense Repairs Expense Gain on Reversal of Impairment Loss Loss on Impairment Loss on Disposal N/A
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