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Krafty Kris, Inc., discovered the following errors after the 2017 financial statements were issued:
Required:
Problem 1: Prepare journal entries to correct these errors. Ignore income taxes.
a) Prepare the entry to correct the error and reflect the proper beginning and ending inventory balances.
b) Prepare the entry to correct the error and properly reflect the remaining insurance at January 1, 2018.
c) Prepare the entry to correct the error and properly reflect equipment and accumulated depreciation.
The department actually completed 10,000 hours of production. The appropriate total budget for the department, assuming it uses flexible budgeting, is
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Explain every journal entry that believe necessary to record this lease properly including the correction for the error made. What determined about the lease
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