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In 2017, Nash Company discovered that equipment purchased on January 1, 2016, for $60,800 was expensed at that time. The equipment should have been depreciated

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In 2017, Nash Company discovered that equipment purchased on January 1, 2016, for $60,800 was expensed at that time. The equipment should have been depreciated over 6 years using the straight-line method, with a $6,800 value. The effective tax rate is 40%. Prepare Nash's 2017 journal entry to correct the error. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit Equipment 60800 Accumulated Depreciation-Equipment 24320 Deferred Tax Liability 14592 Retained Earnings 21888

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