On January 2,2021, Carla Vista Corp. purchased machinery for $272160. The entire cost was incorrectly...
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Accounting
On January Carla Vista Corp. purchased machinery for $ The entire cost was incorrectly recorded as an expense. The machinery has a nineyear life and a $ residual value. Carla Vista uses straightline depreciation for all its plant assets. The error was not discovered until May and the appropriate corrections were made. Ignore income tax considerations.
Before the corrections were made, retained earnings was understated by
$
$
$
$
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