At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $13.5 million. $10.5 million of thepurchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight-linemethod, a 25-year useful life, and a $2.5 million residual value. Assume that 2022 depreciation was incorrectly recordedas $32,000. This error was discovered in 2024.Required:1. Record the journal entry needed in 2024 to correct the error.2. What is depreciation on the building for 2024, assuming no change in estimate of useful life or residual value?Complete this question by entering your answers in the tabs below.GeneralJournalDepreciationRecord the journal entry needed in 2024 to correct the error.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answewhole dollars, and not in millions.View transaction listJournal entry worksheet<1

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Answered: At the beginning of 2022, Robotics…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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At the beginning of 2022, Robotics Incorporated acquired a manufacturing facility for $12.9 million. $9.9 million of the purchase price was allocated to the building. Depreciation for 2022 and 2023 was calculated using the straight-line method, a 25-year useful life, and a $1.9 million residual value. In 2024, the company switched to the double-declining-balance depreciation method. What is depreciation on the building for 2024?
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H1.

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