Essay
In December of 2013, XL Computer's internal auditors discovered that office equipment costing $800,000 was charged to expense in 2011. The asset had an expected life of 10 years with no residual value. XL would have recorded a half year of depreciation in 2011.
Required:
Prepare the necessary correcting entry that would be made in 2013 (ignore income taxes), and the entry to record depreciation for 2013.
Correct Answer:
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$800,000 ÷ 10 = $80...View Answer
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Correct Answer:
Verified
$800,000 ÷ 10 = $80...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
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