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Brief Exercise 20-10 (Algo) Error correction [LO20-6] In 2021, internal auditors discovered that PKE Displays,...

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Accounting

Brief Exercise 20-10 (Algo) Error correction [LO20-6]

In 2021, internal auditors discovered that PKE Displays, Inc., had debited an expense account for the $426,000 cost of a equipment purchased on January 1, 2018. The equipments useful life was expected to be six years with no residual value. Straight-line depreciation is used by PKE. Ignoring income taxes, prepare the journal entry PKE use to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

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