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Stоck issued in nоn-cаsh trаnsаctiоns should be recorded at the:
P3: The first аudit оf the bооks of Ivаnhoe Compаny was made for the year ended December 31, 2021. In examining the books, the auditor found that certain items had been overlooked or incorrectly handled in the last 3 years. These items are: At the beginning of 2019, the company purchased a machine for $528,000 (salvage value of $52,800) that had a useful life of 6 years. The bookkeeper used straight-line depreciation but failed to deduct the salvage value in computing the depreciation base for the 3 years. At the end of 2020, the company failed to accrue sales salaries of $49,000. Ivanhoe Company purchased a copyright from another company early in 2019 for $52,000. Ivanhoe had not amortized the copyright because its value had not diminished. The copyright has a useful life at purchase of 20 years. A Note Receivable of $5,000 was incorrectly recorded in Account Receivable in 2020. A sales transaction of $8,000 in 2020 was not recorded until the beginning of 2021. Prepare the journal entries necessary in 2021 to correct the books, assuming that the books have not been closed. Disregard effects of corrections on income tax.