On January 1st, 20x2, Bono Corporation acquired a machine at a cost of $300,000. It is to be depreciated on the straight-line method over a five-year period with no residual value. Because of the book keeping error, no depreciation was recognized in Bono's 20x2 financial statements. The oversight was discovered during the preparation of Bono's 20x3 financial statements. Prepare the correcting journal entry in 20x3 and the journal entry for 20x3 depreciation expense on this machine. Ignore income tax considerations.