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Prepare the correcting entry or entries

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Question - Quigley Co. bought a machine on January 1, 2015 for $875,000. It had a $75,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. During 2017 Quigley discovered that the estimated residual value of the machine were $25,000 instead of $75,000. Prepare the correcting entry or entries related to the machine for 2017.

Reference no: EM132937415

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