On January 3, 2016 equipment costing $60,000 with a 5-year useful life was acquired. No...
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Accounting
On January 3, 2016 equipment costing $60,000 with a 5-year useful life was acquired. No salvage value is associated with the equipment. In 2018, it was discovered that depreciation was not taken in 2016 and 2017. Assuming Staright-line method is used by the company.
What is the correcting journal entry (if needed) in 2018?
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