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Bailey Corporation uses the double declining balance method of depreciation. For the fiscal year ending...

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Accounting

Bailey Corporation uses the double declining balance method of depreciation. For the fiscal year ending December 31, 2019 Bailey recognized $650,000 of depreciation expense for their long-term assets. On December 29, 2020, the CFO for Bailey discovered that the prior year depreciation calculations had an error. The correct amount of depreciation expense for fiscal 2019 should have been $550,000. The CFO is unsure of the correct treatment for this calculation error since the prior year financial statements have already been issued.

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