The following are independent errors:

1. In January 2019, repair costs of $10,320 were debited to the Machinery account. At the beginning of 2019, the book value of the machinery was $85,800. No residual value is expected, the remaining estimated life is 10 years, and straight-line depreciation is used.
2. All purchases of materials for construction contracts still in progress have been immediately expensed. It is discovered that the use of these materials was $9,560 during 2018 and $12,370 during 2019.
3. Depreciation on manufacturing equipment has been excluded from manufacturing costs and treated as a period expense. During 2019, $44,500 of depreciation was accounted for in that manner. Production was 14,800 units during 2019, of which 1,480 remained in inventory at the end of the year. Assume there was no inventory at the beginning of 2019.

Required:

Prepare journal entries for the preceding errors discovered during 2020. Ignore income taxes.

CHART OF ACCOUNTS 532 Bad Debt Expense LIABILITIES 540 Interest Expense 211 Accounts Payable 541 Depreciation Expense 231 Salaries Payable 559 Miscellaneous Expenses 250 Unearned Revenue 910 Income Tax Expense 261 Income Taxes Payable EQUITY 311 Common Stock 331 Retained Earnings Prepare joumal entries to correct the errors discovered during 2020 on January 1. Ignore income taxes. General Joumal Instructions