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Question 2: Quigley Co. bought a machine on January 1, 2019 for $2,800,000. It had...

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Accounting

Question 2:

Quigley Co. bought a machine on January 1, 2019 for $2,800,000. It had a $240,000 estimated salvage value and a ten-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2021.

Required:

Prepare the entry or entries related to the machine for 2021. Ignore taxes.

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