Precision, Inc., repaired a piece of equipment at a cost of $5,000, which Precision, Inc., paid in cash. Precision, Inc., erroneously capitalized this cost as part of the cost of the equipment. Requirements Journalize both the incorrect entry the accountant made to record this transaction and the correct entry that the accountant should have made. 2. How will this accounting error affect Precision, Inc.'s net income? Ignore depreciation. Requirement 1. Journalize both the incorrect entry the accountant made to record this transaction and the correct entry that the accountant should have made (Record debits first, then credits. Exclude explanations from any journal entries Start by journalizing the incorrect entry that was made. Journal Entry Date Accounts Debit Credit