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In January 2019, Marcus Ltd. has installation costs of ?9,000 on new machinery that were charged to Repairs Expense. Other costs of this machinery of ?30,000 were correctly recorded and have been depreciated using the straight-line method with an estimated life of 10 years and no residual value. At December 31, 2020, Marcus decides that the machinery had a remaining useful life of 15 years, starting with January 1, 2020.
If the books have not been closed for 2020 and depreciation expense has not yet been recorded for 2020, the entry that Marcus makes in 2020 to correct for the error of expensing installation costs on the machinery acquired in January 2019, will include credit to retained earnings 8,100.
Question 1: How did it come up with 8,100 can you give step by step solution?
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