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Part 1: Correcting Journal Entries - Be sure to read very carefully when the error was, discovered as each situation is different. For each situation, prepare the necessary correcting journal entry.no entry is required, enter N/A a. Freedom Company purchased a machine in 2020 for $45,000 and properly recorded in PP\&E. It was discovered in early 2021 before the books were closed that Freedom had not depreciated the equipment. The equipment has a useful life of fifteen years from the date of purchase in 2020 and Freedom normally takes a full year of depreciation in the year of acquisition using the S/L method. Prepare the correcting entry when the error is discovered. b. Freedom pays $24,000 for twelve months of advertising on March 1,2020 . Advertising is distributed equally over the next twelve months. When the contract was signed, $24,000 was expensed to Advertising Expense. At the beginning of 2021 after the books for 2020 were closed and financial statements issued, Freedom discovers the error. Prepare the correcting entry required when the error is discovered. c. On January 1, 2020, Co pays $2500 for ordinary repairs and debits the machinery account. Depreciation is 10% per year and was recorded in 2020 . Coe discovers the error in 2021 after the books far 2020 arn rlnced. Prenara the 2021 entru reauired when the error is discovered. d. In early 2021 before the 2020 books are closed, it is discovered that bonuses of $34,000 earned in 2020 by being paid in 2021 were not accrued in 2020