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How do prepare the entries related to the machine

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Question - Quigley Co bought a machine on January 1, 2016 for $1,403,000. It had a $119,600 estimated residual value and a 11-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2018.

Required - How do prepare the entries related to the machine for 2018, ignoring taxes (to correct the error and to record depreciation expense)?

Reference no: EM132620881

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