I failed to take the huge depreciation on the company vehicle in 2019. The 5 year mark will be in 2023.
This years depreciation is only $406. How do I record the difference in the depreciation that can be taken?
Can I record it on the books as a Credit to Accumulated Dep. and Debit towards Retained Earnings. Since I
can't go back and amend that many books. What do I do and how do I record it.
Thank you,
Jan
