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Prepare the prior period adjustment that would be necessary

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Question - In 2021, the internal auditors of Good, Inc. discovered a material error from a prior year. Equipment was purchased on October 31, 2019 for $150,000. The purchase was incorrectly recorded as a debit to repairs and maintenance expense. The equipment has a useful life of five years and no residual value. The company uses straight-line and rounds to the nearest whole month for all depreciable assets. Prepare the prior period adjustment that would be necessary in 2021?

Reference no: EM132924471

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