Question: In class exercise 20-3 Error Correction Fay, Inc., had debited an expense account for the $3,000,000 cost of a machine purchased on January 1, 2020.

In class exercise 20-3 Error Correction Fay, Inc., had debited an expense account for the $3,000,000 cost of a machine purchased on January 1, 2020. The machine's useful life was expected to be 10 years with no residual value. Straight-line depreciation is used by Fay. The error was discovered in 2021. Required: Write a journal entry to correct the error

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