In the fiscal year ended December 31, Year 14, Bostick Enterprises paid $120,000 for equipment that it had purchased on January 1, Year 14. The equipment has an expected useful life of 10 years and zero salvage value. The firm recorded the acquisition by debiting Equipment Expense and crediting Cash for $120,000. Give the journal entries that Bostick Enterprises would make to correct its initial recording error and any related effects (ignore income tax effects). Bostick Enterprises applies U.S. GAAP, and reports its results in millions of U.S. dollars.