(L03) In 2017, Bailey Corporation discovered that equipment purchased on January 1, 2015, for $50,000 was expensed...

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(L03) In 2017, Bailey Corporation discovered that equipment purchased on January 1, 2015, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%.

Prepare Bailey’s 2017 journal entry to correct the error. Bailey uses straight-line depreciation.

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