Quigley Co. bought a machine on January 1, 2013 for $1,400,000. It had a $120,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2015.
InstructionsPrepare the entry or entries related to the machine for 2015.

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The Answer of Quigley Co. bought a machine on January 1, 2013 for $1,400,000. It had a $120,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2015.
InstructionsPrepare the entry or entries related to the machine for 2015.