On January 1, 2015 XYZ purchased a machine for $20,000 that had an estimated useful...
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Accounting
On January 1, 2015 XYZ purchased a machine for $20,000 that had an estimated useful life of 5 years. The accountant incorrectly expensed the machine in 2015, but discovered the error in 2016. XYZ uses straight-line depreciation.
a) Prepare 2016 journal entry to correct the error, assuming XYZ has not closed the books for 2016.
b) Prepare 2016 journal entry to correct the error, assuming XYZ has closed the books for 2016.
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