Business, 07.04.2020 23:09 kortetsosie8813
In 2016, management discovered that Dual Production had debited expense for the full cost of an asset purchased on January 1, 2013, at a cost of $36 million with no expected residual value. Its useful life was 5 years. Dual uses straight-line depreciation. The correcting entry, assuming the error was discovered in 2016 before preparation of the adjusting and closing entries, includes:
A debit to accumulated depreciation of $14.4 million.
A credit to accumulated depreciation of $21.6 million.
A credit to an asset of $36 million.
A debit to retained earnings of $14.4 million.
Answers: 2
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