In 2023, Ivanhoe Corporation, which follows IFRS, discovered that equipment purchased on January 1,2021, for...
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In Ivanhoe Corporation, which follows IFRS, discovered that equipment purchased on January for $ was expensed in error at that time. The equipment should have been depreciated over five years, with no residual value. The tax rate is Prepare a single journal entry for to correct the error and record depreciation. Assume income and capital cost allowance was reported accurately for tax purposes in all years. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts. Account Titles and Explanation Debit Credit 
In Ivanhoe Corporation, which follows IFRS, discovered that equipment purchased on January for $ was expensed in error at that time. The equipment should have been depreciated over five years, with no residual value. The tax rate is
Prepare a single journal entry for to correct the error and record depreciation. Assume income and capital cost allowance was reported accurately for tax purposes in all years. List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts.
Account Titles and Explanation
Debit
Credit
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