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The estimated amount of depreciation on equipment for the current year is $41,700.;a. How is the adjustment recorded? Indicate each...

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The estimated amount of depreciation on equipment for the current year is $41,700.;a. How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased, and the amount of the increase or decrease.;b. If the adjustment in (a) was omitted, which items would be erroneously stated on (1) the income statement for the year and (2) the balance sheet as of December 31?

 

Paper#74457 | Written in 18-Jul-2015

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