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In 2015, internal auditors discovered that Joey Co. had debited an expense account for the $7 million cost of sorting Equipment purchased at the beginning

In 2015, internal auditors discovered that Joey Co. had debited an expense account for the $7 million cost of sorting Equipment purchased at the beginning of 2013. The Equipments useful life was expected to be five years with no residual value. Straight-Line Depreciation is used by Joey Co.

Required: What journal entry will Joey Co. make in 2015 to correct the error? [Please record it]

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