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Prepare bailey journal entry to correct the error

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Question - 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.

Reference no: EM131811464

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