Quigley Co. bought a machine on January 1, 2019 for $2,800,000. It had a $240,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2021. Instructions Prepare the entry or entries related to the machine for 2021. Ignore taxes.

Quigley Co. bought a machine on January 1, 2019 for $2,800,000. It had a $240,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2021. Instructions Prepare the entry or entries related to the machine for 2021. Ignore taxes.

Name: Quigley Co. bought a machine on January 1, 2019 for $2,800,000. It had
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Description: Quigley Co. bought a machine on January 1, 2019 for $2,800,000. It had a $240,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2021.

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 47P

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