Link Co. purchased machinery that cost $3,000,000 on January 4, 2019. The entire cost was recorded as an expense. The machinery has a nine-year life and a $200,000 residual value. The error was discovered on December 20, 2021. Ignore income tax considerations. Link's income statement for the year ended December 31, 2021, should show the cumulative effect of this error in the amount of     $2,333,333.     $2,066,667.     $0.     $2,377,778.

7. For AP Company, the following transactions occurred: a. On January 1 of 2018, the company paid $20,000 for the purchase of equipment. This equipment had no estimated residual value and was depreciated at a straight-line rate of 20%. The expected useful life is 5 years. b. After the December 31, 2019, adjusting entry, Accumulated Depreciation Equipment has a $8,000 balance. c. On March 31, 2020, the asset is removed from service and discarded. Based on this information, please record these transactions in the journal.

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