On January 1, 2016, Pyle Company purchased an asset that cost $50,000 and had no estimated residual value. The estimated useful life of the asset is 8 years and straight-line depreciation is used. An error was made in 2016 because the total amount of the asset's cost was debited to an expense account for 2016 and no depreciation was recorded. Pretax income for 2016 was $42,000. How much is the correct 2016 pretax income?

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The Answer of On January 1, 2016, Pyle Company purchased an asset that cost $50,000 and had no estimated residual value. The estimated useful life of the asset is 8 years and straight-line depreciation is used. An error was made in 2016 because the total amount of the asset's cost was debited to an expense account for 2016 and no depreciation was recorded. Pretax income for 2016 was $42,000. How much is the correct 2016 pretax income?

On January 1, 2016, Pyle Company Purchased an Asset That