On December $12.2024,$ an equity investment costing $$86,000$ was sold for $$112,000.$ The investment was carried in the balance sheet at $$81,000,$ and was accounted for under the equity method. An error was made in which the total of the sale proceeds was credited to the investment account.

Required:

& $2.$ Prepare the journal entry to correct the error assuming it is discovered before the books are adjusted or closed in $2024,$ and the journat entry to correct the error assuming it is not discovered until early $2025.($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

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$2$

Record the journal entry to correct the error assuming it is discovered before the books are adjusted or closed in $2024.$

Note: Errer debits before credis.

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