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Business & Finance Assignment | Custom Assignment Help

Author:
November 7th, 2019

In 2011, the internal auditors of KJI Manufacturing discovered the following material errors made in prior years:1. Equipment was purchased on June 30, 2009, for $100,000. The purchase was incorrectly recorded as a debit to repair and maintenance expense. The equipment has a useful life of five years and no residual value.2. On March 31, 2010, $50,000 was paid to a contractor to landscape the area around a manufacturing plant including the installation of a sprinkler system. The expenditure was debited to the Land account. The landscaping is expected to have a 20-year useful life and no residual value.KJI uses the straight-line method of depreciation for all depreciable assets.Required:1. Prepare the journal entries at December 31, 2011 to correct the errors (ignore income taxes).2. Prepare the journal entries to record 2011 depreciation for any assets recorded in requirement 1.

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QUESTION:the internal auditors of KJI Manufacturing discovered the following material errors made in prior years:1. Equipment was purchased on June 30, 2009, for $100,000. The purchase was..Get business and finance assignment homework help today

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