In 2021 the bookkeeper for Selectro Company discovered an er…

In 2021 the bookkeeper for Selectro Company discovered an error. In 2020 the company failed to record $20,000 of depreciation expense on a newly constructed building. This building is the only depreciable asset Selectro owns. The company correctly included the depreciation expense in its tax return and correctly reported its income taxes payable. Journal entries   What journal entry should Selectro make to correct the error?    

Mott Company purchases a machine from Janelle Company. Insta…

Mott Company purchases a machine from Janelle Company. Installation of the machine requires specialized knowledge that Mott Company does not possess. Janelle Company regularly includes installation as part of its sales contracts. The machine has a stand-alone price of $50,000, and the value of the installation is estimated to be $5,000. Mott agrees to purchase the machine for $50,000. How much of the contract price should be allocated to the machine and installation respectively?