Prepare baileys journal entry to correct depreciation

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Reference no: EM1357080

In 2010, Bailey Corporation discovered that equipment purchased on January 1, 2008, 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 2010 journal entry to correct the error.

Reference no: EM1357080

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