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Prepare the journal entries to correct the error

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At the end of 2019, while preparing its financial statements, Culver Ltd. discovered an error in its accounting records. A truck with an original cost of $12,000, a service life of 4 years, and a residual value of $4,000 was expensed when it was purchased at the beginning of 2018. The company was subject to an income tax rate of 40%. Culver used the straight-line method of depreciation for vehicles and follows ASPE.

Problem 1: Prepare the journal entries to correct the error and record depreciation for 2019.

Reference no: EM132951760

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