Reference no: EM133170156

Question - The following are independent errors:

a. In January 2019, repair costs of $8,040 were debited to the Machinery account. At the beginning of 2019, the book value of the machinery was $106,200. No residual value is expected, the remaining estimated life is 8 years, and straight-line depreciation is used.

b. All purchases of materials for construction contracts still in progress have been immediately expensed. It is discovered that the use of these materials was $9,570 during 2018 and $11,930 during 2019.

c. Depreciation on manufacturing equipment has been excluded from manufacturing costs and treated as a period expense. During 2019, $53,200 of depreciation was accounted for in that manner. Production was 12,800 units during 2019, of which 3,072 remained in inventory at the end of the year. Assume there was no inventory at the beginning of 2019.

Required - Prepare journal entries for the preceding errors discovered during 2020. Ignore income taxes.