At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $12.9 million. $9.9 million...

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At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $12.9 million. $9.9 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight-line method, a 25-year useful life, and a $1.9 million residual value. Assume that 2022 depreciation was incorrectly recorded as $32,000. This error was discovered in 2024. Required: 1. Record the journal entry needed in 2024 to correct the error. 2. What is depreciation on the building for 2024, assuming no change in estimate of useful life or residual value? Complete this question by entering your answers in the tabs below. General Journal Depreciation Record the journal entry needed in 2024 to correct the error. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars, and not in millions. View transaction list Journal entry worksheet > 1 Record the journal entry needed in 2024 to correct the error. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal > At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $12.9 million. $9.9 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight-line method, a 25-year useful life, and a $1.9 million residual value. Assume that 2022 depreciation was incorrectly recorded as $32,000. This error was discovered in 2024. Required: 1. Record the journal entry needed in 2024 to correct the error. 2. What is depreciation on the building for 2024, assuming no change in estimate of useful life or residual value? Complete this question by entering your answers in the tabs below. General Journal Depreciation Record the journal entry needed in 2024 to correct the error. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in whole dollars, and not in millions. View transaction list Journal entry worksheet > 1 Record the journal entry needed in 2024 to correct the error. Note: Enter debits before credits. Event 1 General Journal Debit Credit Record entry Clear entry View general journal >

Answer rating: 100% (QA)

To correct the error in depreciation recorded in 2022 we n... View the full answer