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Tanty expense Receipt of the proceeds of a note receivable that was due last year,...

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Tanty expense Receipt of the proceeds of a note receivable that was due last year, 29. In 2021. internal auditors discovered that Fay, Inc., had debited an expense account for the $700,000 cost of a machine purchased on January 1, 2018. The machines useful life was expected to be five years with no residual value Straight-line depreciation is used by Fay. The journal entry to correct the error will include a credit to accumulated depreciation of A) 5140,000 B) 5280,000. C) $420,000 D) $700,000

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