In 2021, internal auditors discovered that PKE Displays, Inc., had debited an expense account for the $264,000 cost of a equipment purchased on January 1, 2018. The equipment's useful life was expected to be four years with no residual value. Straight-line depreciation is used by PKE. Ignoring income taxes, prepare the journal entry PKE 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 < 1 Record entry to correct error. Note: Enter debits before credits. Event 1 Equipment General Journal Debit Credit Accumulated depreciation Retained earnings Record entry Clear entry View general journal