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In 2014, Bailey Corporation discovered that equipment purchased on January 1, 2012, for $12,000 was expensed at that time. The equipment should have been depreciated

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In 2014, Bailey Corporation discovered that equipment purchased on January 1, 2012, for $12,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 28%. Prepare Bailey's 2014 journal entry to correct the error

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