In 2021, Internal auditors discovered that PKE Displays. Inc., had debited an expense account for the $395,000 cost of a equipment purchased on January 1 2018. The equipment's useful life was expected to be five 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 General Journal Event 1 Debit Credit