Zen Fitness Inc. purchased a machine on April 1, 2015 for $120,000. The machine is expected to have an estimated residual value of $5,000 at the end of its 5 year life. Although Zen has a policy of using straight-line depreciation for machinery, the company accountant neglected to follow policy and depreciated it in 2015 using the double diminishing-balance method. Profit before income tax for the year ended December 31, 2015 was $73,000 as the result of depreciating the machine incorrectly.InstructionsUsing the method of depreciation that company policy requires,1) prepare the correcting entry and2) determine the correct profit. Ignore income tax. (Show calculations.)
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