In 2023, Dody Corporation, which follows IFRS, discovered that equipment purchased on January 1, 2021, for $145,000
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In 2023, Dody Corporation, which follows IFRS, discovered that equipment purchased on January 1, 2021, for $145,000 was expensed in error at that time. The equipment should have been depreciated over five years, with no residual value. The tax rate is 30%. Prepare a single journal entry for 2023 to correct the error and record 2023 depreciation. Assume income and capital cost allowance was reported accurately for tax purposes in all years.
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Related Book For
Intermediate Accounting Volume 2
ISBN: 9781119740445
13th Canadian Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy
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