FlyFast Airways repaired one of its Boeing 767 aircraft at a cost of $600,000, which FlyFast paid

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FlyFast Airways repaired one of its Boeing 767 aircraft at a cost of $600,000, which FlyFast paid in cash. FlyFast erroneously capitalized this cost as part of the cost of the plane. How will this accounting error affect FlyFast's net income? Ignore amortization.
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Accounting Volume 1

ISBN: 978-0132690096

9th Canadian edition

Authors: Charles T. Horngren, Walter T. Harrison, Jo Ann L. Johnston, Carol A. Meissner, Peter R. Norwood

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