In $2025,$ Novak Corporation discovered that equipment purchased on January $1,2023,$ for $$55,000$ 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 Novak's $2025$ journal entry to correct the error. Novak uses straight$-$line depreciation. $($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. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit