Sheridan Co. bought a machine on January 1, 2022, for $3,700,000. It had a $330,000 estimated...

 

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Sheridan Co. bought a machine on January 1, 2022, for $3,700,000. It had a $330,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Sheridan uses straight-line depreciation. This was discovered in 2024. Prepare the entries related to the machine for 2024. Ignore taxes. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation (To correct the error) (To record depreciation expense) Debit Credit Sheridan Co. bought a machine on January 1, 2022, for $3,700,000. It had a $330,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Sheridan uses straight-line depreciation. This was discovered in 2024. Prepare the entries related to the machine for 2024. Ignore taxes. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation (To correct the error) (To record depreciation expense) Debit Credit

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