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Pharoah Company purchased equipment that cost $ 3 3 1 0 0 0 0 on January 1 , 2 0 2 3 . The entire
Pharoah Company purchased equipment that cost $ on January The entire cost was recorded as an expense. The equipment had a year life and a $ residual value. Pharoah uses the straightline method to account for depreciation expense. The error was discovered on December Pharoah is subject to a tax rate. Before the correction was made and before the books were closed on December retained earnings was understated by Round intermediate calculations to O decimal places, eg
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