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 equipments life was expected to be five years with no residual value. Straight-line depreciation is used by PKE.

Required: 2. Assume the error was discovered in 2020 after the 2019 financial statements are issued. Prepare the correcting entry.