In December of 2013, XL Computer's Internal Auditors Discovered That

question 83

Essay

In December of 2013, XL Computer's internal auditors discovered that office equipment costing $800,000 was charged to expense in 2011. The asset had an expected life of 10 years with no residual value. XL would have recorded a half year of depreciation in 2011.
Required:
Prepare the necessary correcting entry that would be made in 2013 (ignore income taxes), and the entry to record depreciation for 2013.

---

Definitions:

Clinical Psychologists

Professionals specializing in diagnosing, treating, and studying mental illness and psychological disorders through research and clinical practice.

Psychopharmacologists

Specialists who study the effects of drugs on the mind and behavior.

Psychotherapy

A therapeutic treatment involving psychological techniques to help someone understand and manage their thoughts, behaviors, and emotions.

Preventive Mental Health

Strategies and interventions aimed at preventing the onset of mental health conditions by addressing risk factors and enhancing protective factors.