When DeSoto Water Works purchased equipment at the end of 2023 at a cost of $65,000, the
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When DeSoto Water Works purchased equipment at the end of 2023 at a cost of $65,000, the company debited Buildings and credited Cash $65,000. The error was discovered in 2024. What journal entry will DeSoto use to correct the error? What other step(s) would be taken in connection with the error?
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