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swat32
3 years ago
5

At the beginning of 2023, the Mackinac Company purchased a machine for $510,000 (salvage value of $60,000) that had a useful lif

e of 6 years. The bookkeeper used straight-line depreciation, but failed to deduct the salvage value in computing the depreciation base. Depreciation has been recorded through 2025. The errors were discovered on 1/10/26; the 2025 books are still open. Correcting journal entries would include what entry to 1/1/25 Retained Earnings?
Business
1 answer:
Ratling [72]3 years ago
4 0

Answer:

$10,000 credited

Explanation:

DATA

Machine cost = 510,000

Salvage value = $60,000

Useful life = 6 years

Depreciation = $60,000/6years

Depreciation = $10,000

It means that we have overstated depreciation expense for the year with the amount of $10,000.

Retained earnings will be credited by $10,000 As the depreciation expense was overstated mistakenly by $10,000

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3 years ago
Paradigm Media is a company run by a group of new media professionals. The owners of the company do not have any personal liabil
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Answer:

Limited liability partnership (LLP) / limited liability company (LLC)

Explanation:

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3 years ago
In a mixed-market economy, the government plays a role and can affect the circular flow of income. Governments participate in th
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3 0
2 years ago
Larkspur, Inc. issued $432,000, 7%, 20-year bonds on January 1, 2020, at 104. Interest is payable annually on January 1. Larkspu
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Answer and Explanation:

The Journal entry to record the issuance of the bond is as follows:

Cash Dr  $449,280 ($432,000 × 1.04)

        To Bond payable $432,000

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(Being the issuance of the bond is recorded)

here the cash is debited as it increased the assets and credited the bond payable and the premium on bond payable as it also increased the liabilities

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2 years ago
When Apple, Inc. opened retail stores to sell its computers and iPods, this was an example of:
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Answer:

The correct answer is letter "A": forward vertical integration.

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3 years ago
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