Essay
In December of 2016,XL Computer's internal auditors discovered that office equipment costing $800,000 was charged to expense in 2014.The asset had an expected life of 10 years with no residual value.XL would have recorded a half year of depreciation in 2014.
Required:
Prepare the necessary correcting entry that would be made in 2016 (ignore income taxes),and the entry to record depreciation for 2016.
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Correct Answer:
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$800,000 ...
View Answer
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