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Make the necessary correcting entry or entries

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Question - Irving Corp. bought a machine on January 3, 2020 for $380,000. It had a $30,000 estimated residual value and a ten-year life. The corporation uses straight-line depreciation. An expense account was debited in error on the purchase date, but this was not discovered until late 2022.

Required - Make the necessary correcting entry or entries related to the machine for 2022. Ignore income tax effects.

Reference no: EM133161113

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