In 2017, Coronado Company discovered that equipment purchased on January 1, 2016, for $50,800 was...
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Accounting
In 2017, Coronado Company discovered that equipment purchased on January 1, 2016, for $50,800 was expensed at that time. The equipment should have been depreciated over 6 years using the straight-line method, with a $6,400 value. The effective tax rate is 40%. Prepare Coronado's 2017 journal entry to correct the error. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit
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