On January 2, 2019, China Co. bought a machine for $400,000 with a salvage value...
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Accounting
On January 2, 2019, China Co. bought a machine for $400,000 with a salvage value of $20,000 and a four-year useful life. Straight-line depreciation was used. However, during 2019 and 2020, depreciation expense was erroneously calculated using a $50,000 salvage value. The error was discovered in 2021 after the 2020 books had been closed.
Prepare the correcting entry in 2021.
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