In 2016, internal auditors discovered that PKE Displays, Inc., had debited an expense account for the $366,000 cost of a equipment purchased on January 1, 2013. The equipments life was expected to be five years with no residual value. Straight-line depreciation is used by PKE. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Required:

1.	Prepare the appropriate correcting entry assuming the error was discovered in 2016 before the adjusting and closing entries. (Ignore income taxes.)

Required: 1. Prepare the appropriate correcting entry assuming the error was discovered in 2016 before the adjusting and closing entries. (Ignore income taxes.) View transaction list Journal entry worksheet Record the correcting entry for errors discovered. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general Journal 2. Assume the error was discovered in 2018 after the 2017 financial statements are issued. Prepare the appropriate correcting entry. View transaction list Journal entry worksheet 1 > Record the correcting entry for errors discovered. Note: Enter debits before credits. General Journal Debit Credit Event 1 Record entry Clear entry View general journal