Problem 10: In 2018, internal auditors discovered that PKE Displays, Inc., had debited arn expense account for the $350,000 cost of equipment purchased on January 1, 2015. The equipment's life was expected to be five years with no residual value. Straight-line depreciation is used by PKE. Required: Prepare the correcting entry assuming the error was discovered in 2018 before the adjusting and closing entries. (Ignore income taxes.)