Exercise 83 Quigley Co. bought a machine on January 1, 2013 for $1,402,100. It h

Question

Exercise 83

Quigley Co. bought a machine on January 1, 2013 for $1,402,100. It had a $122,800 estimated residual value and a 10-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2015.

Prepare the entries related to the machine for 2015. (If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)

Account Titles and Explanation

Debit

Credit

(To correct the error.)

Account Titles and Explanation

Debit

Credit

(To correct the error.)

Explanation / Answer

Account titles and explanation Debit Credit Equipment $1,402,100 Retained Earnings $1,146,240 Accumulated Depreciation-Equipment $255,860 Depreciation Expense $127,930 Accumulated Depreciation-Equipment $127,930

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