In 2018, management discovered that dual production had debited expense for the full cost of an asset purchased on january 1, 2015, at a cost of $36 million with no expected residual value. its useful life was 5 years. dual uses straight-line depreciation. the correcting entry, assuming the error was discovered in 2018 before preparation of the adjusting and closing entries, includes:

(a) a debit to accumulated depreciation of $14.4 million.
(b) a credit to accumulated depreciation of $21.6 million.
(c) a credit to an asset of $36 million.
(d) a debit to retained earnings of $14.4 million.

correct option is (B) A credit to accumulated depreciation of $21.6 million

Explanation:

given data

cost of an asset purchased  = $36 million

useful life = 5 years

to find out

closing entries is

solution

we get here first depreciation per annual that is

depreciation per annual =  

depreciation per annual = 7.20 million

and

depreciation for 3 year ( 2015 to  2018 )  will be

depreciation for 3 year = 7.2 million ×  3

depreciation for 3 year = 21.6 million

so the correcting entry would include  

correct option is (B) A credit to accumulated depreciation of $21.6 million

answer: a. the kind of population living in your neighbourhood.

the census explorer data tool by the us census bureau allows the user to zoom in on any neighbourhood within the united states and find the kind of people residing in that by race and age.  

the tool needs to needs to be used twice – once in order to find what type of people reside in a neighbourhood, and then to see the age groups of the people in the same neighbourhood.