Akira Inc. purchased equipment on January 1 of Year 1 at a cost of $...
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Accounting
Akira Inc. purchased equipment on January 1 of Year 1 at a cost of $ 400,000 . The company estimated a $ 2,000 salvage value and that the equipment will have a useful life of 10 years The company elects to use the straight - line depreciation method . In entering the information for the asset into the depreciation system , the service life was inadvertently entered as 8 years instead of 10 years
Required
Ignoring income taxes , record the journal entry to correct the error discovered in Year 3
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