In 2018, internal auditors discovered that fay, inc., had debited an expense account for the $700,000 cost of a machine purchased on january 1, 2015. the machine's useful life was expected to be five years with no residual value. straight-line depreciation is used by fay. the journal entry to correct the error will include a credit to accumulated depreciation of

Explanation:

The correct journal entry is shown below:

Equipment A/c Dr 700,000

      To Accumulated depreciation A/c $420,000

      To Retained earnings A/c $280,000

(Being the error is recorded and the remaining balance is credited to the retained earning account)

The depreciation expense would be

= (Original cost - residual value) ÷ (useful life)  

= ($700,000 - $0) ÷ (5 years)  

= ($700,000) ÷ (5 years)  

= $140,000  

For three years, the depreciation would be

= $140,000 × 3 years

= $420,000

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