RECOMMENDED!!Quigley Co. bought a machine on January

  

Quigley Co. bought a machine on January 1, 2013 for $1,401,400. It had a $121,500 estimated residual value and a 10-year life. An expense account was debited on the purchase date. Quigley uses straight-line depreciation. This was discovered in 2015.Prepare the entries related to the machine for 2015.(If no entry is required, select “No entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)Account Titles and ExplanationDebitCredit(To correct the error.)(To record depreciation expense.)

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