A pressing machine was acquired by ABC Company on January 2, 2015 for $54,000. It...
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Accounting
A pressing machine was acquired by ABC Company on January 2, 2015 for $54,000. It has no salvage value and a 6-year useful life. In 2018, it was discovered that the pressing machine was expensed in 2015 rather than recorded as an asset.
What is the correcting journal entry (if needed) in 2018?
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