On January 1, 20x3; a company purchased an operational asset for $44,000.At the date of purchase, the full amount was debited to expense.At the end of 20x6, the audit discovered this error.The asset had no residual value and should be depreciated over 10 years, using the sum-of-years'-digits method.Give the entry at the end of 20x6 to correct the accounts.Assume the accounts for 20x6 have not been closed.

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The Answer of On January 1, 20x3; a company purchased an operational asset for $44,000.At the date of purchase, the full amount was debited to expense.At the end of 20x6, the audit discovered this error.The asset had no residual value and should be depreciated over 10 years, using the sum-of-years'-digits method.Give the entry at the end of 20x6 to correct the accounts.Assume the accounts for 20x6 have not been closed.

On January 1, 20x3; a Company Purchased an Operational Asset