On December 12, 2011, an investment costing $80,000 was sold for $100,000. The total of the sale
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1. Prepare the journal entry to correct the error assuming it is discovered before the books are adjusted or closed in 2011. (Ignore income taxes.)
2. Prepare the journal entry to correct the error assuming it is not discovered until early 2012. (Ignore income taxes.)
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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