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George Young Industries (GYI) acquired industrial robots at the beginning of 2018 and added them to the company's assembly process. During 2021, management became aware that the $3 million cost of the machinery was inadvertently recorded as repair expense on GYI's books and on its income tax return. The industrial robots have 10-year useful lives and no material salvage value. This class of equipment is depreciated by the straight-line method for financial reporting purposes and for tax purposes it is considered to be MACRS 7-year property (cost deducted over 7 years by the modified accelerated recovery system as follows): Year / MACRS Deductions 2018/ 428,700 2019 / 734,7002020 / 524,7002021 / 374,7002022 / 267,9002023 / 267,600 2024 / 267,900 2025 / 133,800
Totals $1,000,000
The tax rate is 25% for all years involved.
Problem 1: Prepare journal entry necessary as a direct result of the error (as if discovered at the beginning of 2021) and separately the adjusting entry for 2021 depreciation. (If no entry is required for a transaction/event, write "No journal entry required" )
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