In 2020, Sheridan Corporation discovered that equipment purchased on January 1, 2018, for $62,000 was...
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Accounting
In 2020, Sheridan Corporation discovered that equipment purchased on January 1, 2018, for $62,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage value. The effective tax rate is 30%. Sheridan uses straight-line depreciation. Prepare Sheridans 2020 journal entry to correct the error.
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