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Question - George Young Industries (GYI) acquired industrial robots at the beginning of 2010 and added them to the company's assembly process. During 2013, management became aware that the $1 million cost of the machinery was inadvertently recorded as repair expense on GYI's books and on its income tax return. The industrial robots have 10-year useful lives and no material salvage value. This class of equipment is depreciated by the straight-line method for financial reporting purposes and for tax purposes it is considered to be MACRS 7-year property (cost deducted over 7 years by the modified accelerated recovery system as follows):
Year MACRS
Deductions
2010 $ 142,900
2011 244,900
2012 174,900
2013 124,900
2014 89,300
2015 89,200
2016 89,300
2017 44,600
Totals $ 1,000,000
The tax rate is 40% for all years involved.
Required:
1. Prepare any journal entry necessary as a direct result of the error described.
2. Prepare the adjusting entry for 2013 depreciation.
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