In 2018, the internal auditors of Development Technologies, Inc., discovered that a $4 million purchase of merchandise

Question:

In 2018, the internal auditors of Development Technologies, Inc., discovered that a $4 million purchase of merchandise in 2018 was recorded in 2017 instead. The physical inventory count at the end of 2017 was correct.
Required:
Prepare the journal entry needed in 2018 to correct the error. Also, briefly describe any other measures Development Technologies would take in connection with correcting the error. (Ignore income taxes.)