Saved 5 In 2018, internal auditors discovered that PKE Displays, Inc, had debited an expense account for the $372,000 cost of equipment purchased on January 1, 2015. The equipmen's life was expected to be five years with no residual value. Straight-lined used by PKE 9.1 points Required: 1. Prepare the correcting entry assuming the error was discovered in 2018 before the adjusting and closing entries. (Ignore income taxes.) 2. Assume the error was discovered in 2020 after the 2019 financial statements are issued. Prepare the correcting entry eBook Complete this question by entering your answers in the tabs below Hint Required 1Required 2 Print Prepare the correcting entry assuming the error was discovered in 2018 before the adjusting and closing entries. (Ignore income taxes.) (If no entry is required for a transaction/event, selectNo journal entry required. In the first account ned.) View transaction list Journal entry worksheet Record the correcting entry for errors discovered. Note: Enter debits before credits. Next >