On January 1, 2015, Lane Company made a $12,000 expenditure on a fully depreciated machine. The expenditure increased the expected life of the new machine for two years until December 31, 2016. Lane uses straight-line depreciation with no salvage value. However, Lane erroneously expensed this capital expenditure. As a result of this error, 2015 income is overstated by $3,000 and 2016 income is understated by $3,000. 2015 income is understated by $6,000 and 2016 income is overstated by $6,000. C. 2015 income is understated by $6,000 and 2016 income is overstated by $3,000. d. 2015 income is understated by $6,000 and 2015 income is correctly stated. a. b.

On January 1, 2015, Lane Company made a $12,000 expenditure on a fully depreciated machine. The expenditure increased the expected life of the new machine for two years until December 31, 2016. Lane uses straight-line depreciation with no salvage value. However, Lane erroneously expensed this capital expenditure. As a result of this error, 2015 income is overstated by $3,000 and 2016 income is understated by $3,000. 2015 income is understated by $6,000 and 2016 income is overstated by $6,000. C. 2015 income is understated by $6,000 and 2016 income is overstated by $3,000. d. 2015 income is understated by $6,000 and 2015 income is correctly stated. a. b.

Name: Ma4.Please give only typed answer. 28.On January 1, 2015, Lane Company
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Description: Ma4.Please give only typed answer. 28.On January 1, 2015, Lane Company made a $12,000 expenditure on a fully depreciated machine. The expenditure increased theexpected life of the new machine for two years until December 31, 2016. Lane uses straight-

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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