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Business, 07.04.2020 21:26 shadowangel84
In 2016, internal auditors discovered that Fay, Inc., had debited an expense account for the $700,000cost of a machine purchased on January 1, 2013. The machine’s useful life was expected to befive years with no residual value. Straight-line depreciation is used by Fay.
The journal entry tocorrect the error will include a credit to accumulated depreciation of:
a. $140,000.
b. $280,000.
c. $420,000.
d. $700,000
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