BUSI 2002 Lecture Notes - Lecture 8: Deferred Income, Retained Earnings, Financial Statement
17 Dec 2017
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Busi 2002 intermediate accounting 2 winter 2017. Assignment 8 accounting changes and error analysis. Your assignment submission must be typed up in either word or excel and uploaded (one file only) to the assignment dropbox before midnight sunday march 26, 2017. You are finalizing the year-end adjusting entries for the windle corporation"s december. 31, 20x6 year-end and realized that land purchased on january 2, 20x3 was debited to the building account in error. Buildings are being depreciated on a straight-line basis over 40 with no residual value and belong to cca. The total cca taken on the land for the period 20x3 to 20x5 was ,050. Depreciation charges for the year 20x6 have been accrued but the income tax expense for the year ended december 31, 20x6 has not yet been calculated. Prepare the adjusting entries to fix this error. Correct route inc. (cri) was incorporated january 1, 20x7. In preparing the 20x8 financial statements, the following errors were discovered:
