Quigley Co. purchased a machine on January 1, 2016 for $1,403,000. It had an estimated residual value of $119,600 and a useful life of 11 years. An expense account was debited on the date of purchase. Quigley uses straight-line depreciation. This was discovered in 2018. 

Prepare Journal entries for:

1. To correct the mistake

2. To record depreciation expense

Answer rating: 100% (QA)

1 To correct the mistake Date 2018 Expense Account debit 1403000 Accumulated Depreciatio... View the full answer