Refer to the situation described in BE 1114. Assume that 2019 depreciation was incorrectly recorded as $32,000.
Question:
Refer to the situation described in BE 11–14. Assume that 2019 depreciation was incorrectly recorded as $32,000. This error was discovered in 2021.
(1) Record the journal entry needed in 2021 to correct the error.
(2) What is depreciation on the building for 2021 assuming no change in estimate of useful life or residual value?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
1 If a material error is discovered in an accounting period subsequent to the period in which the er...View the full answer
Answered By
PALASH JHANWAR
I am a Chartered Accountant with AIR 45 in CA - IPCC. I am a Merit Holder ( B.Com ). The following is my educational details.
PLEASE ACCESS MY RESUME FROM THE FOLLOWING LINK: https://drive.google.com/file/d/1hYR1uch-ff6MRC_cDB07K6VqY9kQ3SFL/view?usp=sharing
3.80+
3+ Reviews
10+ Question Solved
Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
Question Posted:
Students also viewed these Business questions
-
Refer to the situation described in BE 11-10. Assume that instead of changing the useful life and residual value, in 2018 the company switched to the double-declining-balance depreciation method. How...
-
Refer to the situation described in BE 11-10. Assume that 2016 depreciation was incorrectly recorded as $32,000. This error was discovered in 2018. How should Robotics account for the error? What is...
-
Refer to the situation described in BE 11-2. Assume the machine was purchased on March 31, 2018, instead of January 1. Calculate depreciation expense for 2018 and 2019 using each of the following...
-
All administrative laws are criminal laws and enforceable as such even though they are not part of the Criminal Code. True False
-
A driver encounters two traffic lights on the way to work each morning. Each light is red, yellow, or green. The probabilities of the various combinations of colors are given in the following table:...
-
Download the spreadsheet from the course website and perform the following tasks. Customer Region Salesperson Balance Invoice Date Age (Days) Group 1 East A 435.22 9/1/2020 23 0-30 2 South B 598.55...
-
Refer to the information from QS 21-18. Compute the variable overhead spending variance and the variable overhead efficiency variance and classify each as favorable or unfavorable. Data From QS 21-18...
-
The following misstatements are sometimes found in the sales and collection cycle's account balances: 1. The accounts receivable trial balance total does not equal the amount in the general ledger....
-
You are the COO managing the operations of a robo-advisor and you need to ensure that all the stock holdings in the portfolios under management are kept up to date. Given the following inputs in...
-
This dome (hemisphere) is located below the water surface as shown. Determine the magnitude and sign of the force components needed to hold the dome in place and the line of action of the horizontal...
-
On January 2, 2021, the Jackson Company purchased equipment to be used in its manufacturing process. The equipment has an estimated life of eight years and an estimated residual value of $30,625. The...
-
On April 17, 2021, the Loadstone Mining Company purchased the rights to a coal mine. The purchase price plus additional costs necessary to prepare the mine for extraction of the coal totaled...
-
Journal Entries for Fair Value and Equity Methods Presented below are two independent situations. Situation 1 Hatcher Cosmetics acquired 10% of the 200,000 shares of common stock of Ramirez Fashion...
-
Proposals are examples of persuasive documents. In "real life" they are presented to some type of decision-making group that has the power to give approval to the request that is being made - often a...
-
Country X's imports are worth $40000 a year what, by standard definitions, would be an adequate level of reserves for Country X? Answer:
-
Thomas Haalboom recently received his first assignment after being promoted as the Chief Supply Chain Officer of an international manufacturer of home care products. He is going to have his first...
-
Identify a problem or issue related to practice, policy, population, or education that aligns with the organizational priorities you seek to solve. A. Develop a written proposal by doing the...
-
Analysis - Apply the ideas of the author LINDA WILLIAMS, to address the film Get Out - be sure to make an argument of your own rather than just rearticulating the author's ideas.
-
Fifty-four wild bears were anesthetized, and then their weights and chest sizes were measured and listed in Data Set 9 "Bear Measurements" in Appendix B; results are shown in the accompanying...
-
Which of the followingcarbocations is the least stable? CH3CH2 . CH3CHCH3 CH3 I . CH3C0 T CH3 IV. V. CH3 CH3CCH2 CH3
-
The Manguino Oil Company incurred exploration costs in 2018 searching and drilling for oil as follows: Well 101 ........................... $ 50,000 Well 102 ........................... 60,000 Well...
-
Jackpot Mining Company operates a copper mine in central Montana. The company paid $1,000,000 in 2018 for the mining site and spent an additional $600,000 to prepare the mine for extraction of the...
-
In 2018, Bratten Fitness Company made the following cash purchases: 1. The exclusive right to manufacture and sell the X-Core workout machine from Symmetry Corporation for $200,000. Symmetry created...
-
Complete the blank lines. Enter the dollar amounts for all line items. Enter the percentages of sales for Sales, Total variable expenses, and Contribution margin. 15% Commission 20% Commission Own...
-
On 1 January 20X4, Dart Incorporated commenced business operations. The following information is available to you: Earnings (loss) before tax Tax rate (enacted in each year) Depreciation (original...
-
Sebele Creations ( Pty ) Ltd , a semi conductor company, is interested in venturing into e - commerce to expand its customer reach. However, the company is still stuck to the traditional business...
Study smarter with the SolutionInn App