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On September 1, Year 10, the company purchased a piece of equipment for $1,000,000 with a salvage value of $250,000 and a useful life of
On September 1, Year 10, the company purchased a piece of equipment for $1,000,000 with a salvage value of $250,000 and a useful life of 20 years. In the original depreciation calculation, the accountant incorrectly used a useful life of 25 years to record the depreciation expense for Year 10. Assume straight-line depreciation is used. Also, assume that depreciation expense for other assets was recorded correctly.
I need the adjusting journal entry for this
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