In 2020, Dody Corporation discovered that equipment purchased on January 1, 2018, for $152,500 was expensed in error at that time. The equipment should have been depreciated over five years, with no residual value. The tax rate is 30%. Prepare Dody's 2020 journal entry to correct the error and record 2020 depreciation. Assume income was reported accurately for tax purposes in all years. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Jan. 1 Equipment 152500 Accumulated Depreciation Deferred Tax Liability 27450 Retained Earnings 64050 eTextbook and Media List of Accounts Attempts: 1 of 3 used Submit Answer Save for Later Last saved 53 minutes ago. Saved work will be auto-submitted on the due date