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?

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24-06-2024
Business

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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 :

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