On March 1, 2017, Broadfoot Bakeries Inc. discovered that the cost of Land purchased in 2016 was

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On March 1, 2017, Broadfoot Bakeries Inc. discovered that the cost of Land purchased in 2016 was erroneously recorded as rent expense. The cost of the Land was $5,000. The company's yearend is December 31 and the income tax rate is 20%. Prepare the journal entry to correct this error.
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Accounting Principles

ISBN: 978-1119048473

7th Canadian Edition Volume 2

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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