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Calculate the amount of net income that should have been

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Question

For the month ended February 28, 2019, a company capitalized a $3,000 expenditure that should have been expensed. Depreciation expense for the full month, using the straight-line method, was recorded for $120 in February with respect to this item. Reported operating income for February was $11,700.

a. Calculate the amount of net income that should have been reported for February.

b. If this error is not corrected, what will be the impact on operating income for the ten-month period from March 1, 2019 through December 31, 2019?

Reference no: EM132406576

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