In $2024,$ internal auditors discovered that PKE Displays, Incorporated, had debited an expense account for the $$240,000$ cost of a machine purchased on January $1,2021.$ The machine$$s useful life was expected to be four years with no residual value. Straight$-$line depreciation is used by PKE.

Ignoring income taxes, prepare the journal entry PKE will use to correct the error $($before adjusting and closing entries$).$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.