In 2018, internal auditors discovered that PKE Displays, Inc., had debited an expense account for the $357,000 cost of equipment purchased on January 1, 2015. The equipment's life was expected to be five years with no residual value. Straight- line depreciation is used by PKE. Required: 1. Prepare the correcting entry assuming the error was discovered in 2018 before the adjusting and closing entries. (Ignore income taxes.) 2. Assume the error was discovered in 2020 after the 2019 financial statements are issued. Prepare the correcting entry Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1Required 2 Prepare the correcting entry assuming the error was discovered in 2018 before the adjusting and closing entries. (Ignore income taxes.) (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit 357.0000 Equipment Accumulated depreciation Retained earnings Required1 Required 2> Required 1 Required 2 Assume the error was discovered in 2020 after the 2019 financial statements are issued. Prepare the correcting entry. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit No journal entry required K Required 1 Required 2