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Exercise 2Noncounterbalancing error. Quigley Co. bought a machine on January 1, 2016 for $2,800,000. It had a $240.000 estimated residual value and a ten-year life.

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Exercise 2Noncounterbalancing error. Quigley Co. bought a machine on January 1, 2016 for $2,800,000. It had a $240.000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2018. Instructions Prepare the entry or entries related to the machine for 2018. Ignore taxes

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