n 2021, internal auditors discovered that PKE Displays, Inc., had debited an expense account for the $350,000 cost of a equipment ourchased 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. gnoring 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.) Journal entry worksheet Note: Enter debits before credits