On March 1, 2024, Broadfoot Bakeries Inc. discovered that the cost of Land purchased in 2023 was
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On March 1, 2024, Broadfoot Bakeries Inc. discovered that the cost of Land purchased in 2023 was erroneously recorded as rent expense. The cost of the Land was $5,000. The company’s year end is December 31 and the income tax rate is 20%. Prepare the journal entry to correct this error.
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Related Book For 
Accounting Principles Volume 2
ISBN: 9781119786634
9th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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