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valentina_108 [34]
3 years ago
7

In 2022, internal auditors discovered that Axel Corp., had debited an expense account for the $2,090,000 cost of a machine purch

ased on January 1, 2019. The machine's useful life was expected to be 11 years with no residual value. Straight-line depreciation is used by Axel. The journal entry to correct the error will include a credit to accumulated depreciation of:
Business
1 answer:
antoniya [11.8K]3 years ago
3 0

Answer:

Debit Depreciation expense $570,000

Credit Accumulated depreciation $570,000

<em>(To record the accumulated depreciation for 3 years)</em>

Explanation:

Using a Straight-line depreciation method, depreciation expense = (Cost - Salvage value)/Estimated useful life

Depreciation expense = $2,090,000 / 11 years = $190,000 yearly

We would assume that the internal auditors detected the error at the beginning of Year 2022, so the accumulated depreciation for 3 years (Jan 2019 - Dec 2021) would be $190,000 x 3 years = $570,000

The following correctional entries will apply:

Debit Fixed asset - Machine $2,090,000

Credit Expense account $2,090,000

<em>(To appropriately record the purchase of machine)</em>

The required adjustment fot the accumulated depreciation is recorded above under the answer section.

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Now placing these values to the above formula

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