Prepare the journal entries to correct the error

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Reference no: EM132792142

Problem - At the end of 2019, while preparing its financial statements, Blue Ltd. discovered an error in its accounting records. Office furniture with an original cost of $25,000, a service life of ten years, and a residual value of $8,600 was expensed when it was purchased at the beginning of 2018. The company was subject to an income tax rate of 20%. Ritting used the straight-line method of depreciation for office furniture and follows ASPE. Prepare the journal entries to correct the error and record depreciation for 2019.

Reference no: EM132792142

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