Question: On Jan 01, 2017 KDPC purchased a machine to process dates for $205,000, debiting machine and crediting cash. KDPC estimated the machine's life and residual

On Jan 01, 2017 KDPC purchased a machine to process dates for $205,000, debiting machine and crediting cash. KDPC estimated the machine's life and residual value at 4 years and $5,000, respectively. In Jan 2019, the internal auditor for KDPC discovered that the machine had never been depreciated. For two marks determine the journal entries necessary to correct the error. Assume tax of 30% is levied on gross income. SHOW PLAUSIBLE CALCULATIONS TO GET CREDIT. (Use the Deferred Tax account) Jan 2019 Dr. Cr

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