Answered

Discover answers to your most pressing questions at Westonci.ca, the ultimate Q&A platform that connects you with expert solutions. Our platform provides a seamless experience for finding reliable answers from a knowledgeable network of professionals. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

In 2025, Blossom Co. discovered an error while preparing its 2025 financial statements. A building constructed at the beginning of 2024 costing $1209900 has not been depreciated. The estimated useful life of the building is 30 years with no salvage value. Straight-line depreciation is used. Blossom properly included depreciation on its return also using the straight-line depreciation. Income tax payable was also reported correctly at a tax rate of 20%. Income before depreciation expense in 2025 was $310000. What is the appropriate journal entry to record the prior period adjustment?

Sagot :

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We're dedicated to helping you find the answers you need at Westonci.ca. Don't hesitate to return for more.