Question: In 2012 Dody Corporation discovered that equipment purchased on January
In 2012, Dody Corporation discovered that equipment purchased on January 1, 2010, for $75,000 was expensed in error at that time. The equipment should have been depreciated over five years, with no residual value. The tax rate is 32%. Prepare Dody’s 2012 journal entry to correct the error and record 2012 depreciation.
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