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1, On March 1, 2021, Crane Bakeries Inc. discovered that the cost of Land purchased in 2020 was erroneously recorded as rent expense. The cost

1, On March 1, 2021, Crane Bakeries Inc. discovered that the cost of Land purchased in 2020 was erroneously recorded as rent expense. The cost of the Land was $4,700. The companys year-end is December 31 and the income tax rate is 20%. Prepare the journal entry to correct this error.

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