In 2021, Internal auditors discovered that PKE Displays, Inc, had debited an expense account for the $350,000 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 requtred" in the first account field.) View transaction at View journal entry worksheet No Event Credit 1 General Journal Equipment Accumulated depreciation Debit 350.000 350,000