In 2018, internal auditors discovered that PKE Displays, Inc., had debited an expense account for the $480,000 cost of a machine purchased on January 1, 2015. The machine's useful life was expected to be six years with no residual value. Straight-line depreciation is used by PKE gnoring income taxes, prepare the journal entry PKE will use to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record entry to correct error. Note: Enter debits before credits. Event General Journal Debit Credit 1 Equipment 480,000 Record entry Clear entry View general journal