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Question - In January 2018, ABC Company has installation costs of $9,000 on new machinery that were charged to Repair Expense. Other costs of this machinery of $30,000 were correctly recorded and have been depreciated using the straight-line method with an estimated life of 10 years and no residual value. At December 31, 2016, ABC Company decides that the machinery has remaining useful life of 15 years, starting with January 1, 2019. The book have not been closed for 2019 and depreciation expense has not yet been recorded for 2019. Do not take in to account the impact of taxes.
Required -
a) Show the journal entry that ABC Company should make in 2019 to correct for the error.
b) Calculate and present the journal entry of ABC Company's depreciation expense in 2019 for machinery acquired in 2018.
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