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Prepare journal entry to correct the error

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Question: In 2020, Dody Corporation discovered that equipment purchased on January 1, 2018, for $155,000 was expensed in error at that time. The equipment should have been depreciated over five years, with no residual value. The tax rate is 30%.

Prepare Dody's 2020 journal entry to correct the error and record 2020 depreciation. Assume income was reported accurately for tax purposes in all years.

Reference no: EM132763009

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