Outfitters Computer Company acquired a circuit board stamping machine for $730,000 on December 31, 2016....
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Outfitters Computer Company acquired a circuit board stamping machine for $730,000 on December 31, 2016. The general accountant incorrectly coded the invoice as repair expense. The equipment would normally be depreciated straight-line over 5 years with no salvage value. Outfitters discovered the error on December 31, 2019, before closing the books for 2019. Prepare the correcting entry for this transaction, ignoring income taxes. (Record debits first, then credits. Exclude explanations from any journal entries.) December 31, 2019 (Correcting Entry) Account Accumulated Depreciation - Machinery Cash Depreciation Expense - Machinery Machinery Repair Expense r Retained Earnings - Prior-Period Adjustment en
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