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Tammy Co. bought a machine on January 1, 2019 for $4,400,000. It had a $400.000...

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Accounting

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Tammy Co. bought a machine on January 1, 2019 for $4,400,000. It had a $400.000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Tammy uses straight-line depreciation. This was discovered in 2021. Prepare the entries related to the machine for 2021. Ignore taxes. (If no entry is required, select "No entry" for the account titles and entero for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to decimal places, eg. 5,250.) Account Titles and Explanation Debit Credit (To correct the error) (To record depreciation expense)

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