Connect CSecure https//newconnect.mheducation.com/flow/connect.html Ch. 20 - Bri

Question

Connect CSecure https//newconnect.mheducation.com/flow/connect.html Ch. 20 - Brief Exercises (60 minutes) G Saved Help Save & Exlt Submlt 3 Check my work 9 Brief Exercise 20-10 Error correction LO20-6] 10 points In 2018, internal auditors discovered that PKE Displays, Inc., had debited an expense account for the $312,000 cost of a machine purchased on January 1, 2015. The machine's useful life was expected to be four years with no residual value. Straight-line depreciation is used by PKE. lgnoring income taxes, prepare the journal entry PKE will use to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) eBook References list View journal entry worksheet No Event General Journal Debit Credit Mc Graw Hill 4/23/2018

Explanation / Answer

Depreciation expense =(312000-0)/4 78000 Accumulated depreciation = 78000*3 234000 General journal Debit Credit machinery 312,000 Accumulated depreciation 234,000 Retained earnings 78,000

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.