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Prepare the correcting entry or entries related to machine

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Reference no: EM132613977

Question - Turkey Corp. bought a machine on January 3, 2018 for $ 275,000. It had a $ 15,000 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 2020.

1. What type of error it is?

2. Prepare the correcting entry or entries related to the machine for 2020. Ignore income tax effects.

Reference no: EM132613977

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