In 2024, the internal auditors of Development Technologies, Inc., discovered that a $4 million purchase of merchandise in 2024 was recorded in 2023 instead. The physical inventory count at the end of 2023 was correct.

Required:
Prepare the journal entry needed in 2024 to correct the error. Also, briefly describe any other measures Development Technologies would take in connection with correcting the error. (Ignore income taxes.)