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In 20X4, Fredup Inc. purchased a piece of equipment for $21,000. The equipment has a...

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Accounting

In 20X4, Fredup Inc. purchased a piece of equipment for $21,000. The equipment has a 7-year useful life and no residual value. The equipment was erroneously included as an expense in the year. The error was discovered in December 20X8.

Required:

Prepare the journal entry to record the adjustment in December 20X8. (Assume the company uses straight line depreciation, ignore taxes.)

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Select all that apply The auditor gathers information about the following featuresu(check all that apply) control processes used by a competing compary in the same industry organizational structure the accounting information system methods used by the auditee to communicate responsibility and authority

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