In 2021, management discovered that Dual Production had debited expense for the full cost of an asset purchased on January 1, 2018, at a cost of $36 million with no expected residual value. Its useful life was 5 years. Dual uses straight-line depreciation. The correcting entry, assuming the error was discovered in 2021 before preparation of the adjusting and closing entries, includes (ignore taxes):
A. A debit to accumulated depreciation of $14.4 million.
B. A credit to accumulated depreciation of $21.6 million.
C. A credit to an asset of $36 million.
D. A debit to retained earnings of $14.4 million.
Answers: 3
Another question on Business
Business, 21.06.2019 17:40
Sodas in a can are supposed to contain an average of 12 ounces. this particular brand has a standard deviation of 0.1 ounces, with an average of 12.1 ounces. if the can's contents follow a normal distribution, what is the probability that the mean contents of a six pack are less than 12 ounces?
Answers: 2
Business, 22.06.2019 10:00
In a small group, members have taken on the task roles of information giver, critic/analyzer, and recorder, and the maintenance roles of gatekeeper and follower. they need to fulfill one more role. which of the following would be most effective for their group dynamics? a dominator b coordinator c opinion seeker d harmonizer
Answers: 1
Business, 22.06.2019 10:30
The advertisement demonstrates a popular way companies try to sell a product. what should consumers consider when it comes to the price of this product? it includes shipping and handling costs. it takes into account maintenance costs. it explains why this price is a good deal. it makes the full cost appears lower than it is.
Answers: 1
Business, 22.06.2019 21:30
Sunset foods relies on a highly centralized functional structure to ensure consistency in the quality and taste of its products and to drive down costs via process innovations. however, as a consequence of its highly compartmentalized structure, the firm has found it difficult to transfer information and ideas from one department to the next. with the launch of its new line of breakfast foods coming up, how can sunset improve its ability to collaborate without sacrificing the benefits of its current structure
Answers: 1
You know the right answer?
In 2021, management discovered that Dual Production had debited expense for the full cost of an asse...
Questions
Mathematics, 19.01.2021 21:20
History, 19.01.2021 21:20
Mathematics, 19.01.2021 21:20
Social Studies, 19.01.2021 21:20
Social Studies, 19.01.2021 21:20
Spanish, 19.01.2021 21:20
History, 19.01.2021 21:20
