In $2023,$ Carla Vista Corporation, which follows IFRS, discovered that equipment purchased on January $1,2021,$ for $$152,200$ 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 a single journal entry for $2023$ to correct the error and record $2023$ depreciation. Assume income and capital cost allowance

was reported accurately for tax purposes in all years. $($List all debit entries before credit entries. 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.$)$

Account Titles and Explanation

Credit

Equipment

Deferred Tax Liability

Depreciation Expense

Accumulated Depreciation $-$ Equipment

Retained Earnings