On January 1, 2012, equipment was purchased for $10,000. The entire purchase price was expensed immediately. The equipment has a useful life of 10 years with $0 expected salvage value. The company uses straight-line depreciation. On January 1, 2015, the equipment was sold for $5,500 cash. The incorrect expensing of the purchase price, along with the subsequent failure to recognize depreciation, was discovered in May 2015 after the books for 2014 had been closed.

(1) Make the necessary correcting entry in 2015

(2) Describe any necessary corrections to the 2015 comparative income statement (which includes 2013 and 2014).