HY INSTRUCTOR FULL SCREEN PRINTER VERSION Brief Exercise 22-06 In 2020, Bailey Corporation discovered that equipment purchased on January 1, 2018, 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%. Bailey uses straight-line depreciation Prepare Bailey's 2020 journal entry to correct the error. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If ne entry is required, selec "No Entry for the account titles and enter for the amount)