This upload assignment is similar to Appendix Part A Problem $23$ Part $4$ error correction as well as parts covered in Ex$18.$ Use the following facts for XYZ Company $($XYZ$)$ to answer the upload assignment requirements:

An error in depreciating equipment was discovered in year $10$ before the accounting books were closed and before the financial statements were prepared.

Equipment costing $$600,000$ was purchased on January $1$ of Year $8.$

The accounting clerk expensed the cost in full in Year $8.$

The useful life of the equipment is estimated as $10$ years as of January $1,$ Year $8$ with zero salvage value.

XYZ$$s income tax rate is $30\%.$

REQUIREMENTS: YOU MAY FOOTNOTE BACK TO A COMPUTATION IF USED MORE THAN ONCE!!!!

$1.$ Record any necessary journal entry$($ies$)$ in Year $10$ in order to prepare partial financial statements. Use Income Tax Payable for the Tax Effect. Provide all supporting computations.

$2.$ Prepare a Partial Balance Sheet, with a proper heading, for the Equipment in Year $10.$ Your presentation must be as shown in class. Provide all supporting computations.

$3.$ Prepare a Partial Income Statement, with a proper heading as it relates to the Equipment in Year $10.$ Your presentation must be as shown in class. Provide all supporting computations.

$4.$ Assume XYZ prepares comparative financial statements for two years. Prepare a Partial Balance Sheet, with a proper heading for the Equipment in Year $10$ and Year $9.$ Your presentation must be as shown in class. Provide all supporting computations.

$5.$ What amount $($partial financial statements do not need to be prepared$)$ of Prior Period Adjustment $($PPA$)$ net of tax would be reported in the Statement of Changes in Shareholder$$s Equity for the following three situations $($Provide all supporting computations$)$: i$)$ Stand Alone Year $10$; ii$)$ Comparative Year $10$ and $9($answer for both years$)$; iii$)$ Comparative Year $10,9$ and $8($answer for all three years$).$

$6.$ In the Statement of Changes in Shareholder$$s Equity, which years would need Net Income restated and which years would be the correct Net Income in the following situations $($simply state $$Correct$$ or $$Restated$$ next to year$)$: i$)$ Stand Alone Year $10$ ii$)$ Comparative Years $10$ and $9$; iii$)$ Comparative Years $10,9$ and $8.$