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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

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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 208. Required: Prepare the joumal entry to record the adjustment in December 20X8. (Assume the company uses straight line depreciation, ignore taxes.) (if no entry is required for a transaction/event, select "No journat entry required" in the first account field.) Journal entry worksheet Prepare the journal entry to record the adjustment in December 20x8: Notej Enter dobits before credits. Journal entry worksheet Prepare the journal entry to record the adjustment in December 208 : Note: Enter debits before credits

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