On December $12,2024,$ an investment in equity securities costing $$81,000$ was sold for $$102,000.$ The total of the sale proceeds was credited to the investment in equity securities account.

Required:

Prepare the journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in $2024.($Ignore income taxes.$)$

Prepare the journal entry to correct the error assuming it is not discovered until early $2025.($Ignore income taxes.$)$

Complete this question by entering your answers in the tabs below.

Required $1$

Required $2$

Prepare the journal entry to correct the error, assuming it is discovered before the books are adjusted or closed in $2024.($Ignore income taxes.$)$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field:

Journal entry worksheet

$1$

Record correction of error.

Note: Enter debits before credits.

$\backslash$table$[[$Event$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,],[,,,],[,,,]]$