Turkey Corp. bought a machine on January 3, 2018 for $ 270,000. It had a $ 12,000 estimated residual value and a ten-year life. The corporation uses straight-line depreciation. An expense account (Machine expense) was debited in error by 270,000 on the purchase date, but this was not discovered until late 2020.

Instructions

Prepare the correcting entry or entries related to the machine for 2020 assuming 2020 books open. Ignore income tax effects.