In 2012, Dody Corporation discovered that equipment purchased on January 1, 2010, for $75,000 was expensed in

Question:

In 2012, Dody discovered that equipment purchased on January 1, 2010, for $75,000 was expensed in error at that time. The equipment should have been depreciated over five years, with no residual value. The tax rate is 32%. Prepare Dody’s 2012 journal entry to correct the error and record 2012 depreciation.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...