Quigley co. bought a machine in january 1 2009 for 875000., Ask an Expert

Accounting

Quigley co. bought a machine in January 1, 2009 for $875,000. It had a $75,000 estimated residual value and ten year life. The repairs and maintance expense account was incorrectly debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2011.

Prepare the entry or entries related to the machine for 2011.
Please explain how and why you git the answer as well.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9407331

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