Brief Exercise 11-16 (Algo) Error correction [LO11-7] At the beginning of 2022 , Robotics Incorporated...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Brief Exercise 11-16 (Algo) Error correction [LO11-7] At the beginning of 2022 , Robotics Incorporated acquired a manufacturing facility for $13.2 million. $10.2 million of the purchase price was allocated to the building. Depreclation for 2022 and 2023 was calculated using the straight-line method, a 25 -year useful Iffe, and a $2.2 million residual value. Assume that 2022 depreciation was incorrectly recorded as $32,000. This error was discovered in 2024. Required: 1. Record the journal entry needed in 2024 to correct the error. 2. What is depreciation on the buliding for 2024 , assuming no change in estimate of useful life or residual value? Complete this question by entering your answers in the tabs below. What is depreciation on the building for 2024 , assuming no change in estimate of useful life ar residual value? Note: Enter your answers in whole dollars, and not in millions
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
