Refer to the situation described in BE 1114. Assume that 2019 depreciation was incorrectly recorded as $32,000.

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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?

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Related Book For answer-question

Intermediate Accounting

ISBN: 978-1260481952

10th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas

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Question Posted: Sep 27, 2019 10:12 AM

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Refer to the situation described in BE 1114. Assume that 2019 depreciation was incorrectly recorded as $32,000.

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1 If a material error is discovered in an accounting period subsequent to the period in which the er...View the full answer

Intermediate Accounting

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