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In 2020, Dody Corporation discovered that equipment purchased on January 1, 2018, for $152,500 was...

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Accounting

In 2020, Dody Corporation discovered that equipment purchased on January 1, 2018, for $152,500 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 Dodys 2020 journal entry to correct the error and record 2020 depreciation. Assume income was reported accurately for tax purposes in all years. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Jan. 1

enter an account title for the journal entry on January 1

enter a debit amount

enter a credit amount

enter an account title for the journal entry on January 1

enter a debit amount

enter a credit amount

enter an account title for the journal entry on January 1

enter a debit amount

enter a credit amount

enter an account title for the journal entry on January 1

enter a debit amount

enter a credit amount

enter an account title for the journal entry on January 1

enter a debit amount

enter a credit amount

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