In 2012, Bailey Corporation discovered that equipment purchased on January 1, 2010, for $50,000 was expensed at
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In 2012, Bailey Corporation discovered that equipment purchased on January 1, 2010, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Prepare Bailey’s 2012 journal entry to correct the error.
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The journal entry for Bailey Corporation to correct the error in 2012 woul...View the full answer
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