An insurance premium of 69960 was prepaid in 2014 covering the years 2014 2015 and 2016 The entire amount was charged to expense in 2014 In addition on December 31 2015 fully depreciated machinery was sold for 14120 cash but the entry was not recorded until 2016 There were no other errors during 2014 or 2015 and no corrections have been made for any of the errors Ignore income tax considerations

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