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Posted: June 18th, 2024
Bailey Corporation discovered that equipment purchased
In 2014, Bailey Corporation discovered that equipment purchased on January 1, 2012, for $50,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Prepare Baileyâs 2014 journal entry to correct the error.
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