Question: Question 1 You are finalizing the year-end adjusting entries for the Hidden Incorporated's December 31, 20x6 year-end and realized that land purchased on January 2,

Question 1 You are finalizing the year-end adjusting entries for the

Question 1 You are finalizing the year-end adjusting entries for the Hidden Incorporated's December 31, 20x6 year-end and realized that land purchased on January 2, 20x3 was debited to the equipment account in error. The cost of the land was $400,000. The equipment is being depreciated on a straight-line basis over 10 years with no residual value and belongs to CCA Class 8 - 20%. The total CCA taken on the land for the period 20x3 to 20x5 was $169,600. The tax rate is 30%. Hidden does not use the Accelerated Investment Incentive when calculating depreciation for tax purposes. Depreciation charges for the year 20x6 have been accrued but the income tax expense for the year ended December 31, 20x has not yet been calculated. Prepare the adjusting entries to fix this error

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