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Exercise 5: ACCOUNTING FOR ERROR CORRECTION (HOMEWORK) XYZ's net incomes for the past 3 years are presented below: 2015 $360,000 2016 $450,000 2017 $480,000 During the 2018 year-end audit, the following item come to your attention: XYZ bought equipment on January 1, 2015 for $294,000 with a S24,000 salvage value nd a 6 year life. The company debited an expense account an credited cash on the purchase date for the entire cost of the asset. XYZ depreciates assets using the straight- line method. Required: Prepare 2018 journal entry to correct the error. a